Melco Resorts & Entertainment said its board has agreed to allocate restricted shares, equivalent to 531,381 of the company’s ordinary shares to Chairman and CEO Lawrence Ho under a share incentive plan.
The shares are not transferable and may not be sold or pledged until fully vested, the company said in a Securities and Exchange Commission filing.
The restricted shares granted represent approximately 0.036 percent of Melco Resorts’ issued share capital and will be issued to Mr. Ho in two tranches on 29 March 2020 and 29 March 2021, respectively.
Based on the closing price of US$28.98 per American Depositary Share, as quoted on the NASDAQ Global Select Market on 29 March 2018, the market value of the restricted shares is approximately US$5.133 million.
“The purpose of the aforesaid grant of restricted shares to Mr. Ho is to recognize Mr. Ho’s contribution to the success and development of the Melco Resorts Group and to incentivize and motivate him to continue to strive for the future development of the Melco Resorts Group and its business,” the statement said.
For 2017, Melco Resort’s net revenue grow 17.7 percent to US$5.3 billion, primarily attributed to better group-wide performance across all gaming segments.
Adjusted property EBITDA for the year ended December 31, 2017 was $1.4 billion, up 31 percent year-on-year, while net income attributed to Melco Resorts was $347.0 million.