Casino operator Melco Resorts and Entertainment Ltd has granted its CEO and chairman Lawrence Ho Yau Lung restricted shares worth $10.03m in market value.
According to a statement, the 484,956 American depositary shares (equivalent to 1,454,868 Melco Resorts shares) were given under the Melco Resorts Share Incentive Plan.
The shares represent approximately 0.10% of Melco Resorts’ issued shares as of the date of the announcement and will be granted to Mr. Ho in two equal tranches on 7 April 2023 and 7 April 2024, each tranche containing 242,478 ADSs (equivalent to 727,434 Melco Resorts shares). The operator stated its ADSs are listed on the Nasdaq Global Select Market in the US.
The purpose of giving these shares to Mr. Ho “is incentivizing and motivating him to strive for the future development of the Melco Resorts Group and its business.”
The statement noted that the grant of the shares “will not result in any gain or loss accrued to the Group’s accounts on the grant date”.
For the financial year ended 31 December 2020, Melco Resorts reported a loss of $1.5bn. Melco Resorts’ audited profits after taxation were approximately $394m and net asset value was $1.8bn.