Casino tycoon Lawrence Ho took control of Melco Crown Entertainment Ltd. after James Packer's Crown Resorts decided earlier this year to cut its stake in the company. Melco Crown is one of Macao's six largest gambling operators and operates a number of casinos in Asia, including Altira Macao, City of Dreams Macao, Studio City, and City of Dreams Manila.
The company recently announced that its chief operating officer, Ted Chan Ying Tat, had resigned for personal reasons, but Melco Crown would not be considering a replacement at this point, as Lawrence Ho agreed to take charge of day-to-day operations with the COO. According to a report on GGRAcia, Tan has been the COO of Melco Crown since 2012 and was instrumental in re-toolsing the dream city of Macau to become one of the best premium collective gambling casinos in the region.
There were also reports that Sanford C. Bernstein Ltd., a brokerage firm, had resigned its senior vice president, Alidad Tash, who was in charge of game operations and strategies. Melco Crown did not confirm this resignation, but issued a statement thanking the company for its contributions and wishing him well for his future. The company also confirmed that it will use the opportunity to change its leadership structure to simplify operations.
Lawrence Ho said in a statement: "While Melco Crown's recent performance has improved, we believe there are more near-term opportunities to drive growth and profitability. The new structure will enable faster decision-making and response to fast-changing markets, which will make the company more competitive in these challenging times."
Studio City President JD Clayton also stepped down in September 2016, and Melco Crown replaced him by hiring David Sisk, former chief operating officer of Sands China. Game analysts Vitali Umanski, Yang Xie and Zengong said Melco Crown's recent change in senior management raises concerns about how well new executives can perform operations in the near future.
Melco Crown has performed very well during the third quarter of this year, posting a profit of $62 million, up 86.7% from the same period.