Asian casino giant Melco Resorts and Entertainment Limited has rewarded Lawrence Ho Yau Lung (pictured) for his successful leadership by granting the billionaire businessman a further 531,381 of its restricted shares worth approximately $5.13 million.
A former investment banker, 41-year-old Ho serves as Chairman and Chief Executive Officer for Melco Resorts and Entertainment Limited, which is responsible for the City of Dreams Manila, Altira Macau, Studio City Macau and City of Dreams Macau integrated casino resorts as well as the Mocha Clubs chain of electronic gaming machine parlors, and occupied 29th spot on the recent Hong Kong’s 50 Richest People list from Forbes with an estimated personal fortune of around $2.65 billion.
Melco Resorts and Entertainment Limited, which is majority owned by Hong Kong-listed Melco International Development Limited, stated that the additional stake awarded to Ho represents around 0.036% of its issued share capital and may not be transferred, pledged or sold until fully vested.
Last year saw Melco Resorts and Entertainment Limited chalk up overall revenues of slightly over $5.28 billion, which represented an increase of almost 18% year-on-year, while its annual net income rose by some 97% to top $347 million. The firm stated that the award of additional shares to Ho was in recognition of these improvements and ‘to incentivize and motivate him to continue to strive for the future development of’ its businesses.
“The company confirms that Mr Ho, who has a material interest in the aforesaid grant of restricted shares to him, abstained from voting at the relevant board,” read a statement (pdf) from Melco Resorts and Entertainment Limited. “The grant of the restricted shares to Mr Ho will not result in any gain or loss accrued to the group’s accounts on the grant date. The group measures the cost of restricted shares to Mr Ho based on the grant date fair value and will recognize such cost over the vesting period.”