Melco Resorts and Entertainment is to proceed with its previously announced a new share repurchase program, growing the control of current chairman and chief executive officer Lawrence Ho, details Inside Asian Gaming.
The developer, Owner and operator of gaming and Entertainment casino facilities throughout Asia, is to proceed with the repurchase of up to $500m Melco Resorts shares over a three year period.
Full implementation to see the firms majority shareholder Melco International Development’s indirect holding of Melco Resorts outstanding share capital, rise from its current approximation of 53.78% to around 57.42%
The reason for new development, Melco stated in a statement that it would, “benefit from the trading of Melco Resorts securities under current market conditions,” adding it” reflects the confidence of the company in Melco Resorts long term strategy and growth projects.
“The new share repurchase program in addition to Melco Resorts earlier share repurchase program announced on 21 March, 2018 which has nearly been exhausted”.
Earlier in the month Melco revealed an 11% decrease in net revenues for the third quarter of the year, dropping to $1.22bn from $1.37bn for the comparable period in 2017.
“With our Focus on the Asian premium segment, high quality assests, dedication to world class Entertainment offerings, market leading social safeguards and compliance culture and our commitment to being An ideal partner to local governments”.