Gaming | South Shore Holdings demotes CEO, said to be scouting buyer

Walt Power has been removed from his position as CEO and executive director of South Shore Holdings Limited (SSH) to be placed in a non-executive director role. It is a dramatic but unsurprising move by the company, following the challenges SSH has faced in getting their embattled Macau luxury hotel, The 13, off the ground, reports Calvin Ayre.

According to various media reports, SSH is entertaining the possibility of selling the stalled property.

The 13, located in Macau, has become an albatross to the company, as years of delays and financial setbacks became a drain on the company’s holdings.

The hotel was planned to be the epitome of luxury, providing day spas, luxury suites, and hotels, as well as a health club, but has faced numerous setbacks. It is now reportedly offering some services to private bookings, but has not opened to the public.

Moreover, according to the company, no official agreement has been reached with any of the gambling concessionaires related to opening up gaming operations at The 13. This came just days after the company had announced that their self-imposed March 31 deadline to open a casino had passed.

Power’s removal took effect May 1. The former CEO had been in the role since February 2013. Prior to that he held senior roles at other casino operators.

Calvin Ayre reports that it is not expected that a replacement will be named for Power. DB

[Corrected on May 6, 5:30 p.m. to rectify a mistake concerning Walt Power’s employment history]