In Macau and casino operator Melco Resorts and Entertainment Limited has reportedly announced the launch of a special share purchase program for the members of its management who participated in last year’s voluntary leave scheme.
According to a report from GGRAsia, the Nasdaq-listed firm revealed that the course is to be open to those who voluntarily took part in last year’s redundancy program in an effort to help it reduce overall costs during the height of the disruption caused by the coronavirus pandemic. The source detailed that the arrangement moreover forms part of the operator’s campaign to get its workers vaccinated against an ailment that has so far been directly blamed for the deaths of over four million people around the world.
Melco Resorts and Entertainment Limited is responsible for Macau’s impressive City of Dreams Macau, Studio City Macau and Altira Macau venues as well as gambling-friendly facilities in Cyprus and the Philippines. The Hong Kong-headquartered company recently recorded a net first-quarter loss of approximately $232.9 million as associated operating revenues declined by 1.7% quarter-on-quarter and 36% year-on-year to about $518.9 million.
Lawrence Ho Yau Lung (pictured) serves as the Chairman and Chief Executive Officer for Melco Resorts and Entertainment Limited and he reportedly used an official filing to declare that the share purchase program will enable his enterprise to ‘continue to proactively manage costs.’ The 45-year-old boss furthermore purportedly proclaimed that the scheme is to simultaneously ‘recognize the dedication and commitment’ of his firm’s former employees while giving them the ‘opportunity to benefit from the company’s long-term growth.’
Reportedly read a statement from Ho…
“The share purchase and award program demonstrates our recognition of the dedication and commitment our colleagues showed during the height of last year’s coronavirus pandemic. As the pandemic gradually subsides, we would like to extend our gratitude and appreciation to all of our colleagues and ensure that they have the chance to capitalize on the long-term growth of the company.”
Melco Resorts and Entertainment Limited reportedly pronounced that the new purchase program allows its former management figures to buy ‘restricted shares’ between now and the end of next June featuring an aggregate value ‘equal to 200% of the amount of base salary.’ The company purportedly finished by asserting that this offering is just one of a ‘series of measures’ that it is to take ‘to proactively manage costs in the face of the unprecedented challenges of the pandemic’ and will involve ‘less than 0.5%’ of its total shareholding being placed up for grabs.