Melco Resorts and Entertainment’s Chairman and CEO Lawrence Ho has increased his personal stake in the company to 55.8% – the latest in a series of maneuvers by the entrepreneur to tighten his grip on the Macau gaming operator.
In an SEC filing late Friday US time, Melco revealed that Ho had upped his interest from the 54.6% stake he held as of last November, taking his current shareholding to 770,477,237 shares. The 43-year-old also has options to purchase another 4,596,981 ordinary shares and 217,140 restricted shares, which will vest within 60 days.
Of Ho’s current 55.8% holding in Melco Resorts, 54.9% is held by companies in which Ho holds a majority stake, namely Melco International Development Ltd and its subsidiary Melco Leisure and Entertainment Group Ltd.
His combined direct and indirect interest in Melco International Development Ltd currently stands at 55.05%, also up from 54.05% in November.
It was in late November that Melco announced it had approved a new share repurchase program for the purchase of up to US$500 million Melco Resorts Shares over a three-year period, having previously completed the repurchase of shares worth US$490 million in March 2018.
Full implementation of the program would see majority shareholder Melco International Development’s indirect holding in Melco Resorts’ outstanding share capital increase from approximately 53.78% as of November to around 57.42% by 2021.
Melco said at the time that the program “reflects the confidence of the company in Melco Resorts’ long-term strategy and growth prospects.”
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