Casino investor Landing Int sees Jay Lee’s exit as COO

Casino investor Landing International Development has seen Jay Lee Poh Yee leave as chief operating officer, and GGRAsia has learned from several sources with knowledge of the matter.

Lee, a former executive at Malaysian casino brand Genting, reportedly left Hong Kong-listed Landing International in January.

Lee was appointed chief operating officer of Landing International in March 2016 after serving as chief executive of Landing Jeju Development Limited, a Hong Kong-listed parent company. Before joining Landing International, Lee worked for Genting Singapore Inc. for more than 10 years at the time. He has held several executive roles at the Resort World Sentosa Casino Resort in Singapore.

Landing International currently operates and promotes a casino resort complex – Jeju Shinhwa World – in the Korean resort of Jeju. GGRAsia approached the company to request a statement about Lee’s departure, but did not receive a reply until this story went online.

Landing International pointed to a potential net loss for all of 2018 in a February filing. The company said at the time that those expected losses were linked to factors including “an absence of profit of around HK$657 million ($83.7 million)” from suspended operations related to its lighting business in mainland China and its gaming business in the UK. The latter was understood to be a reference to the 2017 disposition of its luxury London gaming venues, Les Ambassador Club and Casino.

In August, Landing International reported a jump in profit in the first half of 2018 to HK$280.6 million, compared with HK$48.6 million in the first half of 2017. The year-over-year improvement helped boost Jeju Shinhwa World’s business, where casinos are open only to foreigners, the company said.

The company’s shares plunged after the group said it had lost contact with its chairman, mainland Chinese businessman Yang Zhihui, in late August. Landing International only confirmed in a filing in late November that the entrepreneur had “applied to the relevant departments of the People’s Republic of China for investigation during his absence” and had returned to work.

BY: 슬롯머신

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