Macau Legend Development has confirmed major leadership changes following its Annual General Meeting (AGM). Executive Chair Chan Mei Yi and Independent Non-Executive Director Wang Hongxin have officially stepped down from their roles as part of a planned retirement. The changes became effective at the conclusion of the AGM, with both outgoing members choosing not to stand for reappointment.
To fill the vacant positions, the company has appointed Lam Shu Yan as the new Executive Director, and Ma Cheuk Ling as the new Independent Non-Executive Director, taking over from Wang Hongxin.
New Leadership Profiles
Lam Shu Yan, who joined Macau Legend Development in 2023, is currently serving as the Acting CFO and also acts as a director at two of the company’s subsidiaries in Hong Kong and Macau. With over 18 years of experience in auditing and accounting, she previously served as the Director of Finance at Macau Horse Racing Company Limited, and held a role at KPMG Macau earlier in her career.
Ma Cheuk Ling brings nearly a decade of experience in accounting, having worked as a Senior Associate and Senior Manager at PricewaterhouseCoopers and Happy Empire International. Earlier this year, Ling also took over Hongxin’s former responsibilities as the Chairman of the Remuneration Committee, and as a member of the Audit and Nomination Committees.
Company Background and Financial Challenges
These leadership transitions come at a critical time for Macau Legend Development. The company has been navigating a turbulent period since the arrest of its former CEO in 2021, which caused delays in the release of its FY2021 financial results and triggered warnings of potential trading suspension.
In its most recent financial update, the company reported losses of HK$667.23 million (US$85 million), a sharp rise from HK$4.9 million in losses recorded in 2023. The sharp increase underscores the ongoing financial strain the operator is facing.
Adding to the challenges, the Macanese government recently revised its 2025 casino revenue forecast downward, which may further impact operators in the region, including Macau Legend Development.
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