These shares were given to Mr. Ho to incentivise and motivate him to strive for the future development of the Melco Resorts Group and its business
According to a US Thursday Nasdaq filing, Chairman and CEO of Macau’s casino operator Melco Resorts and Entertainment Ltd, Lawrence Ho Yau Lung, has been awarded US$10 million worth of market value depository shares from the company.
As of the date of the filing approximately 0.10 percent of Melco Resorts’ issued shares are in the hands of Lung.
The grant of 484,956 American Depositary Shares, equivalent to almost 1.5 million Melco Resorts Shares, will be vested to Ho in two separate tranches, Melco said, on 7 April 2023 and 7 April 2024 respectively each tranche containing 242,478 ADSs (equivalent to 727,434 Melco Resorts shares).
The filing stated that Mr. Ho was awarded this value shares because of his “duties and responsibilities as director of a subsidiary of Melco Resorts in Macau, where the majority of Melco Resorts group’s business is located.”
‘The grant of the shares will not result in any gain or loss accrued to the Group’s accounts on the grant date”
Last December SiGMA News reported that Melco Resorts recorded its highest share in gaming revenue. City of Dreams was hugely responsible for the percentage of gaming revenue generated by gaming operator Melco resorts in Macau SAR for the first three quarters of 2020.
Although they reported this surge, overall the company still experienced a loss of $1.5bn for the financial year ended 31 December 2020 and this was mainly attributed to the pandemic.
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