Melco rewards staff with share offer

by William Brown Last Updated
Melco looks on the bright side after Yokohama casino plan is canned

Macau casino operator Melco Resorts reward staff with the announcement they will launch a special share purchase program for the members of its management team who participated in voluntary leave during 2020.

GGR Asia reports that the NASDAQ-listed firm revealed that the program is open to those who voluntarily took part in a redundancy program to help the company reduce its overall costs during the coronavirus pandemic.

The initiative would provide the group’s eligible employees with the “opportunity to benefit from the company’s long-term growth”.

It aims to “recognise the dedication and commitment” of the group’s employees, the company said.

In a separate filing, Melco said the program is aimed to encourage vaccination against COVID-19 among its management staff and to “continue to proactively manage costs.”

It said the Melco Resorts reward staff program will run from July 2021 to June 2022.

In that period, the relevant Melco Resorts’ employees can use a portion of their base salary to “purchase and receive a grant of restricted shares under the Melco Resorts 2011 share incentive plan, with an aggregate value equal to 200 per cent of the amount of base salary, so applied as at the grant date”.

The statement clarified the maximum amount of restricted shares which may be issued under the new scheme “represents less than 0.50 per cent of the company’s total shares outstanding as of July 8, 2021.”

Lawrence Ho commends Melco staff for recent efforts

Melco chief executive Lawrence Ho said: “The share purchase and award program demonstrates our recognition of the dedication and commitment our colleagues have demonstrated during the height of the pandemic.”

“As the pandemic gradually subsides, we would like to extend our gratitude and appreciation to all our colleagues and ensure they have the chance to capitalise on the long-term growth of the company.”

Melco Resorts, operator of the City of Dreams casino resort, launched its 2020 programs that offered special leave arrangements for staff.

That was part of a “series of measures taken by the company to proactively manage costs in the face of the unprecedented challenges of the pandemic,” the firm said.

In May 2020, Melco launched multiple voluntary programs designed to help staff reach personal and professional objectives, including a voluntary exit scheme.

Melco to build billion dollar mixed use site in Guangdong Province

The parent company of international integrated resort operator Melco Resorts & Entertainment has won a bid to build a multi-billion dollar mixed-use residential, entertainment hospitality complex in Zhongshan, China.

Inside Asian Gaming reports that Melco International Development has won a joint bid with Hong Kong-listed Agile Group that would see a gross floor area of 750,000 square complex in the heart of Zhongshan, located just north of Zhuhai.

To be mostly completed by 2025, it will feature residential, commercial, recreational and entertainment elements, including residential complexes, office areas, hotels, serviced apartments, wellness centres, shopping malls and a theme park.

Melco said that the development, to be jointly managed by Melco and Agile, was part of its strategy to invest in non-gaming assets while being an active participant in the formidable development of China, particularly the Greater Bay Area.

The company added that it plans to leverage its successful intellectual properties created in Macau into the development and management of the theme park, restaurants and other hospitality facilities in the complex.

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