Melco launches share purchase program for furloughed employees

Melco Resorts & Entertainment Limited announced a Share Purchase and Award Program for employees who agreed to participate in the company’s voluntary leave program in 2020.
The newly launched Share Purchase and Award Program allows eligible employees to use a portion of their base salary during the term of the program (July 2021 to June 2022) to purchase and receive a grant of restricted shares under the Melco Resorts 2011 Share Incentive Plan. They will have an aggregate value equal to 200% of the amount of base salary at the grant date.
The gaming operator stated that the maximum number of restricted shares which may be issued under the program represents less than 0.50% of the company’s total shares outstanding as of yesterday, July 8, 2021.
Lawrence Ho, chairman and CEO of Melco Resorts & Entertainment, said “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. As the pandemic gradually subsides, we would like to extend our gratitude and appreciation to all our colleagues and ensure they have the chance to capitalize on the long-term growth of the company.”
At the height of the pandemic last year, the voluntary leave program was one of a series of measures taken by the company to manage its costs amid the economic downturn and drop in gaming revenue.