Melco Resorts & Entertainment has granted restricted shares worth almost US$28.3 million to key executives and service providers within the company, including US$7.2 million worth to its Chairman and CEO, Lawrence Ho Yau Lung.
It has also granted share options in respect to 605,166 American Depositary Shares (ADSs) to Melco President and Managing Director, Evan Winkler, worth US$4.58 million, according to a company filing.
Melco said the granting of shares “aligns with the purposes of the Melco Resorts Share Incentive Plan to recognize past contributions to Melco Resorts; incentivise Grantees to promote the success and enhance the value of Melco Resorts; as well as to motivate, attract and retain the services of Grantees.”
Four executives have been granted restricted shares, with Ho granted 952,380 ADs worth US$7.2 million, Clarence Chung granted 74,406 ADSs worth US$562,509 and John Crawford 19,842 ADSs worth US$150,005, based on the current market price of Melco Resorts shares of US$7.56.
Winkler was also granted 149,637 ADSs worth US$1.13 million on top of his share options, while Restricted Shares in respect of 67,164 ADSs (US$507,760) have been granted to unnamed MRE Service Providers.
The Restricted Shares will all vest in three equal batches, Melco said, with the first batch to vest on 3 April 2025, and the remaining two batches on 3 April 2026 and 3 April 2027 respectively.
The company added that the grant of Restricted Shares to MRE Service Providers – described only as persons who provide services to the Melco Resorts Group on a continuing or recurring basis – is to “link their personal interests with those of the shareholders of Melco Resorts, to recognize the contributions made by MRE Service Providers and to attract and retain talent for the continuous development of the Melco Resorts Group.”
Melco Resorts recently reported a net loss US$156.6 million for the three months to 31 December 2023, significantly widened from a US$16.3 million loss in the September quarter due to higher expenses. However, it also revealed a 7% increase in revenues compared with 3Q23 to US$1.09 billion.
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