Melco Resorts buys back USD45 million in shares

Melco Resorts & Entertainment has repurchased approximately USD8.33 million shares for nearly $44.5 million, according to a filing from parent company Melco International Development Limited (0200.HK). This buyback is part of a three-year, $500 million program initiated in June 2024. The American Depositary Shares (ADS) purchased are equivalent to three ordinary shares each. The company expressed confidence in its long-term growth strategy through this move. In the second quarter of 2024, Melco reported a net profit of $21.39 million, a significant recovery from a loss of $23.44 million a year earlier. The buyback program, coupled with positive earnings forecasts, positions Melco favorably for potential stock price appreciation in the near term.