Melco Resorts & Entertainment Limited, a prominent integrated resort operator, has bolstered its leadership team with the appointment of a seasoned finance professional to its board of directors.
Key Takeaways:
- John Peter Ben Wang appointed as independent non-executive director at Melco Resorts
- Wang to chair audit and risk committee, joining compensation and corporate governance committees
- CEO Lawrence Ho expresses confidence in Wang’s qualifications and experience
Melco Welcomes Financial Heavyweight
Melco Resorts & Entertainment Limited has announced the immediate appointment of John Peter Ben Wang as an independent non-executive director (NED). This strategic move brings a wealth of financial acumen to the casino operator’s board.
Wang’s role extends beyond his position as NED. He will also serve as chair of Melco’s audit and risk committee, while participating in the company’s compensation committee and nominating and corporate governance committee. The board has recognized Wang as an “audit committee financial expert,” underscoring the value of his expertise.
A Familiar Face Returns
This appointment marks a return for Wang, who previously served as a director at Melco from 2006 to 2016. His experience in the gaming industry is further enhanced by his tenure as deputy chair and executive director of Summit Ascent Holdings Limited, a Hong Kong Stock Exchange-listed company, from 2011 to 2019.
Wang’s professional background includes a five-year stint as chief financial officer of Melco International Development Limited. His career has been marked by senior positions at various financial institutions, contributing to his extensive knowledge in finance, accounting, and banking.
A graduate of the University of Kent in the UK, Wang achieved chartered accountant status with the Institute of Chartered Accountants in England and Wales in 1985, further solidifying his financial credentials.
CEO Endorsement and Future Outlook
Lawrence Ho, Melco Resorts’ chair and chief executive officer, welcomed Wang’s appointment, stating:
> “Melco is delighted to welcome John Wang as one of our independent non-executive directors. His qualifications and experiences will contribute greatly to the Company.”
This endorsement from the top echelons of Melco’s leadership signals confidence in Wang’s ability to contribute to the company’s strategic direction and financial oversight.
Melco’s Recent Developments
The appointment comes at a time of strategic moves for Melco. Earlier this year, Melco International Development secured a 20-year gaming license in Sri Lanka, backdated to April 1, 2024, allowing the company to offer gaming services until April 1, 2044.
Simultaneously, Melco is adapting to changes in Macau’s gaming landscape. The company plans to close its Grand Dragon Casino and three Mocha Club slots gaming halls, including Mocha Hotel Royal, Mocha Kuong Fat, and Mocha Grand Dragon Hotel. This decision aligns with Macau’s efforts to diversify its revenue streams beyond gaming.
Wang’s appointment strengthens Melco’s board at a crucial time, as the company navigates regulatory changes and seeks new opportunities in the evolving Asian gaming market.
