Apr 25, 2019 Newsdesk Latest News, Macau, Philippines, Top of the deck
Melco Resorts and Entertainment Ltd says the executive pay package for its boss Lawrence Ho Yau Lung (pictured) was just under US$14.99 million last year, about 6.5 percent down on the US$15.97 million compensation given to him in 2017.
As of March 27 this year, Mr Ho held approximately 54.05 percent of the ordinary shares of Melco Resorts, according to its 2018 annual report filed on March 29, making him entitled also to share dividends paid by the group. He also had a further 0.95-percent interest via either restricted shares that have vested, or via the exercise of options granted to him.
The Nasdaq-listed casino company told the United States Securities and Exchange Commission on Wednesday that in 2018 it paid Mr Ho, Melco Resorts’ chairman, chief executive and executive director, nearly US$3.75 million in salary and other benefits, more than US$2.83 million in performance bonuses, US$2,000 in retirement benefit scheme contributions and nearly US$8.41 million in share-based compensation. In total, the directors of Melco Resorts were paid about US$17.42 million for their services last year, with the lion’s share going to Mr Ho.
In 2017, the company paid Mr Ho nearly US$3.55 million in salary and other benefits, nearly US$6.65 million in performance bonuses, US$2,000 in retirement benefit scheme contributions and over US$5.77 million in share-based compensation.
The details were listed in a filing to the securities watchdog, a document required by the U.S. authorities for “foreign private issuers”.
In February, Melco Resorts reported it made a net profit of US$351.5 million last year, having recorded net profit of US$347 million in 2017.
Net revenue fell to US$5.2 billion last year from US$5.3 billion the year before.
Melco Resorts and Entertainment controls and operates the City of Dreams Macau, Studio City and Altira Macau casino properties in Macau, and operates – via a subsidiary – the City of Dreams Manila resort in the Philippines. The group is also seeking to gain a casino licence in Japan, which is currently moving toward a bidding phase for such business.
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