Melco Resorts buys back shares

Melco Resorts has repurchased nearly 8.34m shares.

Macau.- Melco Resorts & Entertainment has repurchased 8,335,364 American depositary shares (ADS), each representing three ordinary shares of Melco Resorts, at a cost of US$44.5m. The transaction was reported in a filing by its Hong Kong-listed parent company, Melco International Development.

This buyback is part of a broader initiative announced in June 2024, which includes a US$500m share repurchase programme over three years. The acquisition was fully financed through the company’s available liquidity resources.

The company said it has yet to decide whether the shares repurchased will be cancelled, remain as issued or will be held in treasury for future re-issuance. The casino operator reported operating revenue of US$1.16bn for the second quarter of the year, up 22 per cent in year-on-year terms. The increase was attributed to improved performance in the mass market segment and non-gaming operations driven by the recovery in inbound tourism to Macau.

The company reported operating income of US$123.7m, compared to US$64.3m in the second quarter of 2023. The group’s adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was US$302.8m compared with US$267.3m in 2023.

See also: Melco CEO plays down concerns about Macau measure on illegal money exchange