Melco Resorts CEO awarded restricted shares worth US$15.2m
Melco CEO Lawrence Ho Yau Lung has been awarded 2,052,206 shares worth US$15.2m.
Macau.- Melco Resorts & Entertainment Limited has announced it has awarded its chairman and CEO Lawrence Ho Yau Lung 2,052,206 shares worth US$15.2m. The shares represent approximately 0.42 per cent of Melco Resorts’ issued shares and are valued at US$7.40 each.
According to Melco Resorts, the award was given to Lawrence Ho Yau Lung for his “duties and responsibilities as director of a subsidiary of Melco Resorts in Macau, where the majority of the group’s business is located.”
The company added: “The purpose of the … grant of restricted shares to Mr Ho is for incentivising and motivating him to strive for the future development of the Melco Resorts group and its businesses.”
Melco International has announced it will cancel a number of stock options previously granted to employees and others associated with the group and will replace them with revised terms, including lower strike prices.
The company said in a filing that the move was because the original plan was no longer attractive to recipients after the company’s share price fell sharply. Shares in Melco International closed at HK$7.10 ($0.91) in Hong Kong trading on Wednesday. The company’s shares have fallen more than 50 per cent over the past 12 months.
Melco also announced that it will launch a new stock option programme for employees and employees. It includes a total of 933,000 options to be granted with a term of 10 years to April 2032 with a strike price of HK$7.278.
All Macau casino operators have requested extension of concessions
It’s been confirmed that all six Macau casino operators have applied to extend their concessions pending a retender later in the year. The current licences are to expire in June, but last month Lei Wai Nong, Macau’s secretary for economy and finance, confirmed that licences would be extended until December 31.
Melco applied for the extension, which entails a MOP47m (US$5.8m) fee and the provision of a bank guarantee to cover possible employee dismissals.
