Lawrence Ho, the chairman and CEO of Melco Resorts Entertainment has sunk his claws even deeper into the company after grabbing a bigger piece of the pie! Ho know controls a 55.8% share of Melco, which is an overall increase of 4.2% from November 2018, and word on the street is that he’s not finished yet! The news comes to light after a filing from Melco to the U.S. Securities and Exchange Commission (SEC) on Friday, which details how Ho owns a total of 770,477,237 shares, with the option to purchase another 4,596,981 ordinary shares, as well as 217,140 restricted shares. Melco’s repurchase program is estimated to see an increase in share capital from 53,78% to 57.42% by 2021 and according to Melco, the program is designed to “reflects the confidence of the company in Melco Resorts’ long-term strategy and growth prospects.”
The 54.9% of Ho’s holdings are in companies which he is the majority stakeholder, this includes Melco International Development Ltd, including its subsidiary and Melco Leisure and Entertainment Group Ltd. Direct and indirect interest in Melco international has seen a slight increase since November 2018, taking it from 54.05% to 55.05%.
A share repurchase program was announced by Melco in November last year, which was expected to take in as much as $500 million in shares over a three-year period. Seven months prior to this in March, the company completed another share repurchase, which was completed for $490 million worth of company stock.
Ho announced last week that the company will make a bid for one of the three licenses in Japan, allowing the company to enter into the new Japanese regulated market and Ho is expected to benefit the most from the new revenue stream. His announcement read; “We believe we are well placed in Japan with a strong local team actively working on the ground, engaging with the relevant stakeholders. We also believe our focus on the Asian premium segment, a portfolio of high-quality assets, dedication to world-class entertainment offerings, market-leading social safeguard system, and an established track record of successful partnerships will put Melco in a strong position.”