Melco CEO Lawrence Ho Grants $9.04M in Restricted Shares

According to a recent filing by Melco Resorts & Entertainment Ltd.’s Hong Kong-listed parent, Melco International Development Ltd., its chairman and CEO, Lawrence Ho Yau Lung, and three other top executives have been issued restricted shares totaling US$9.04 million in the international casino operator.

American depositary shares (ADS), representing three common shares of Melco Resorts, were used as the unit of account for the grants. The restricted share award, which is valued at US$28.3 million and consists of over 3.74 million ADSs, is also extended to Melco Resorts’ service providers and staff.

Lawrence Ho has received 952,380 ADSs, which are valued at more than US$7.2 million altogether. The ADSs awarded to the president and managing director, Evan Winkler, are 149,637.

The ADSs received by the executive director, Clarence Chung Yuk Man, and the independent non-executive director, John Crawford, are 74,406 and 19,842 respectively.

On April 3, 2025, April 3, 2026, and April 3, 2027, respectively, the shares will vest in three equal batches.

In order to promote the expansion of the Melco Resorts group and its businesses, which include operations in Macau, City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in Cyprus, these grants are meant to honor and encourage key employees.

According to Mr. Ho, during the company’s fourth-quarter earnings call in late February, Melco Resorts’ market share in Macau shrank in 2023.

Grants of restricted shares are not subject to the need for independent shareholder approval, but they are subject to the company’s reporting and disclosure requirements, per the filing.

Furthermore, under the terms of the Melco Resorts Share Incentive Plan, Evan Winkler has been awarded share options worth 605,166 ADSs.

The aggregate number of ADSs awarded to employees who took part in the share incentive scheme was approximately 2.48 million, plus an additional 67,164 ADSs to service providers who offered advisory and consulting services to Melco Resorts.

Original Story by: GGRAsia