- Legal States
Jerome García July 9, 2021 3 min read
Melco Rolls Out Share Purchase and Award Program for Eligible Employees
One of the largest integrated resorts developers and casino operators in the world, Melco Resorts and Entertainment, announced Thursday the launch of a new Share Purchase and Award Program for its workforce. Eligible Melco employees participating in the program have the unique benefit of purchasing company shares.
Melco Unveils a New Share Purchase and Awards Program
Melco announced on Thursday that it launched a new Share Purchase and Award Program, which allows eligible management employees to purchase company shares. The program may bring long-term benefits for eligible employees who had agreed to participate in the company’s voluntary leave program last year at the peak of the global COVID-19 pandemic. Furthermore, the program was a part of the company’s plan to “proactively manage costs in the face of the unprecedented challenges of the pandemic.”
Under the new program, eligible Melco employees can use a portion of their base salary during the term of the program to purchase and receive “a grant of restricted shares under the Melco Resorts 2011 Share Incentive Plan.” The company explained that the grants may be equal to 200% of the base salary amount applied as of the grant date.
Furthermore, Melco revealed that the maximum amount of restricted shares under the incentive plan represents less than 0.50% of the company’s total outstanding shares as of July 8, 2021. With that in mind, the new Share Purchase and Award Program is going to run from this month through June 2022.
A Chance to Capitalize on Long-Term Growth
Melco Resorts’ chairman and CEO, Lawrence Ho, shared his excitement about the recent announcement by saying that the new program underlines the company’s dedication to its colleagues during the unprecedented challenges brought by the pandemic last year. He stressed that while the pandemic is slowly subsiding, the company wanted to extend its gratitude and appreciation.
Furthermore, Ho said that Melco wants to ensure that all of its colleagues have a chance to “capitalize on the long-term growth of the company.” In conclusion, Melco’s CEO stressed that the company’s colleagues have always been the “most important ingredient to delivering future success.”
“The Share Purchase and Award Program demonstrates our recognition of the dedication and commitment our colleagues have demonstrated during the height of the COVID-19 pandemic last year.”Lawrence Ho, Chairman and CEO, Melco Resorts
Before announcing the Share Purchase and Award Program, last week, Ho revealed that he is making plans for an initial public offering of his Black Spade Acquisition SPAC. A recent filing with the US Securities and Exchange Commission (SEC) reveals that Ho is preparing to launch Black Spade Acquisition on the New York Stock Exchange (NYSE) via a SPAC listing.
With this move, Melco’s chairman and CEO aims to raise a minimum of $150 million via an initial public offering (IPO). Besides raising funds, Ho is ultimately looking to “pursue an initial business combination opportunity in any industry or any region,” explains the SEC filing.
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.