Chinese real estate developer and casino operator New Silkroad Culturaltainment Limited has announced that Yan Tao has officially resigned as its Chief Executive Officer, Executive Director and Vice-Chairman.

Hong Kong-listed New Silkroad Culturaltainment Limited is responsible via its MegaLuck Company Limited subsidiary for the foreigner-only MegaLuck Casino inside the Jeju KAL Hotel in South Korea and declared that Yan stepped down “due to his other business commitments”.

“Yan has confirmed that he has no disagreement with the board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the company,” read a statement from New Silkroad Culturaltainment Limited. “The board would like to express its sincere gratitude to Yan for his valuable contribution to the company during his tenure of office.”

MegaLuck Casino was previously known as the Golden Beach Casino until being re-branded last year and features a gaming floor with 24 slots alongside 29 gaming tables. The venue is set to be joined on Jeju Island in 2020 by a 13.45 million sq ft integrated casino resort New Silkroad Culturaltainment Limited is developing in partnership with Melco Resorts and Entertainment Limited provisionally named Glorious Hill.

Following Yan’s resignation, New Silkroad Culturaltainment Limited confirmed that its board of directors is now comprised of five executive members in Su Bo, Ng Kwong Chue, Zhang Jian, Hang Guanyu and Liu Huaming alongside a trio of independent members in Ting Leung Huel, Tse Kwong Hon and Cao Kuangyu.