MGM China has announced that Grant Bowie has resigned as Chief Executive Officer and will step down from his position starting from May 31, 2020, an announcement by the company with the Hong Kong Stock Exchange revealed.
According to the gaming operator, Bowie has decided not to extend his contract and elected to step down earlier to match with his personal retirement plans.
Bowie will continue to act as an advisor of the company until December 31, 2022.
‘Mr. Bowie has confirmed that he has no disagreement with the Board and there are no other matters in relation to his retirement as the Chief Executive Officer of the Company which need to be brought to the attention of the shareholders of the Company,’ the filing indicated.
‘Mr. Bowie expressed his gratitude to the Board, particularly Mr. Bill Hornbuckle and Ms. Pansy Ho, the Company and MGM Resorts for this opportunity and their support over the years.’
Net revenue generated by MGM China has dropped 63 per cent year-on-year in the first quarter of this year, reaching about US$272 million (MOP2.1 billion), the company’s latest financial report indicated.
Bowie has held the position as MGM China CEO and Executive Director since 2010, having previously been President of MGM Grand Paradise.
Prior to this, he was President and General Manager of Wynn Resorts (Macau) S.A. from 2003 to 2007.