The recent changes in Melco Resorts and Entertainment’s corporate structure are based on the current business environment, an insider told the Times.
The group’s executive team has “volunteered to contribute the equivalent of 33% salary for the remainder of the year, while CEO Lawrence Ho will forego his salary for the rest of 2020.”
All executives, including Ho, will also forfeit all their unused annual leave.
As reported yesterday by MDT, several senior executives at the gaming operator are due to leave the company and will have their responsibilities fulfilled by other management staff.
Clarence Chung, a member of the Board of Directors for the group will handle government affairs, and will also oversee government relations for international jurisdictions.
Cyprus operations will be under Grant Johnson, SVP Casino Sales and Marketing.
Evan Winkler will manage strategy and analytics, and “Manila and Cyprus” will also report directly to Winkler.
Kevin Benning will be moving from COD Manila to manage Studio City as its SVP Operations and will report directly to David Sisk.
In another shuffle, Akiko Takahashi will oversee human resources and the Learning Academy as EVP Chief of Staff.
EXIT CROWN
Yesterday, it was announced that Melco Resorts had foregone its entire 9.99% stake in Australian gaming operator Crown Resorts Ltd.
The group sold the shares to American private equity firm Blackstone for AUD551.5 million, 37.3% less than the price it bought the shares for in May last year.
According to Australian reports, Melco’s sale comes amid deep cost-cutting efforts due to the effects of the pandemic.
Melco noted that the disposal of the shares was an “opportunity for the group to realize its investment in Crown Resorts at a market price.”
Previously, the company said that it would reassess its “non-core investments,” noting that they intend to focus on their key investments, which are currently earmarked as Macau, Manila, Cyprus and Japan, and are thus deciding to halt their planned investment in Australia. LV
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