Melco CEO purchases US$6.7m worth in the company’s shares

Melco Resorts & Entertainment’s chairman and CEO has purchased US$6.7m worth of the company’s shares through the recently announced share purchase plan for eligible employees.

Macau.- Lawrence Ho, Melco Resorts’ chairman and chief executive officer, has purchased 1,248,048 Melco Resorts shares (equivalent to US$6.7m), which represent approximately 0.09 per cent of Melco Resorts’ issued shares.

According to Macau Business, Ho participated in the new Share Purchase and Award Program in order to conserve cash as the Group’s operations emerge from Covid-19 restrictions.

Ho also volunteered to forego the entire amount of his cash compensation from May 2020 to June of this year and has committed to continue not receiving his base salary for the 12-month period of the Share Purchase and Award Program, from July 2021 to June 2022.

He said he will participate in the Share Purchase and Award Program at an amount equal to the full extent of his base salary.

Melco said the programme aims “to recognize the dedication and commitment of its employees and provide eligible employees the opportunity to benefit from the Company’s long-term growth.”

During the first quarter of the year, Melco’s revenue was down 36 per cent in comparison with the US$810m produced during the same period of 2020.

Net loss for Q1 was US$232.9m, or US$0.49 per ADS, compared with a net loss of US$364m, or US$0.76 per ADS, in the first quarter of 2020.