Success Dragon International Holdings chairman and CEO Tan Teng Hong is stepping down from his post as the gaming service provider continues to seek a remedy for its financial bleeding.
In a disclosure to the Hong Kong Stock Exchange on Wednesday, Success Dragon announced that Tan will be leaving the company to focus on other business. Tan’s departure came almost a month after he was appointed chairman and CEO of the gaming services firm.
Tan was replaced by Kwan Chun Wai as the company’s newest chairman, executive director, and CEO effective July 3, 2018, according to the company.
Coincidentally, Kwan’s appointment as Chairman of Success Dragon came just days after the Hong Kong-listed firm announced that it would consider the use of blockchain in its gaming machines to recoup revenues. Success Dragon is seeking to diversify its business segments after its gaming revenues sunk 25.7 percent to HKD112.4 million (US$14.3 million) in the fiscal year that ended March 2018.
Success Dragon’s gaming machine segment, which comprises 95 percent of the group’s total revenues, plunged by as much as 18.2 percent to HKD107 million ($13.63 million) while its profits dropped 18 percent year-on-year to HKD27.1 million ($3.45 million).
As a solution, Success Dragon said it plans to invest in financial technology and to develop non-cryptocurrency products using the blockchain.
For gambling analysts, Kwan might be the perfect fit for the chairman and CEO roles due to his extensive background in banking, financial and technology sectors, and strategic consultancy experiences.
Kwan holds a Bachelor of Science in Computer Science and Economics from University of Michigan, Ann Arbor and a Master of Science in Engineering Economic Systems and Operations Research awarded by Stanford University.
Kwan will be receiving a director’s emolument of HK$130,000 ($16,565.25) per month with discretionary bonus, according to the company.
