Asian casino operator Summit Ascent Holdings Limited has reportedly announced that Craig Ballantyne will be stepping down as its Chief Operating Officer “in the next few weeks” so as to join sister firm Melco International Development Limited.

According to a report from GGRAsia, Summit Ascent Holdings Limited made the revelation via a note to the Hong Kong Stock Exchange on Monday and additionally explained that Ballantyne is to be replaced by his current deputy, Stylianos Tsifetakis.

Both Summit Ascent Holdings Limited, which is responsible for the Asia-facing Tigre De Cristal hotel and casino in Russia’s Primorsky Krai gambling zone, and Melco International Development Limited are controlled by Hong Kong-based billionaire Lawrence Ho Yau Lung with the former reportedly stating that Ballantyne is set to move upon “completing the handover of his current duties and responsibilities” to Tsifetakis.

GGRAsia reported that Summit Ascent Holdings Limited did not mention what role Ballantyne is due to fill at Melco International Development Limited although the casino operator purportedly declared that Tsifetakis has over 20 years of industry experience in regions as diverse as Greece, the United Kingdom, Romania and Kazakhstan.

Summit Ascent Holdings Limited reportedly posted a net loss of just over $690,000 for the six months to the end of June, which compared with a profit of $702,800 for the corresponding period in 2016, and furthermore stated that 46-year-old Tsifetakis had “joined the group in a senior management capacity” almost three years ago.

GGRAsia moreover reported that Summit Ascent Holdings Limited used a separate Monday release to reveal that it had appointed Eric Landheer as an executive director. The 48-year-old purportedly joined the company’s ranks in March of 2014 and has been serving as its Corporate Finance and Strategy Director.

Craig Ballantyne to leave Summit Ascent Holdings Limited was last modified: September 6th, 2017 by Adam Morgan