Global casino promoter Melco Resorts & Entertainment Ltd had by mid-May repurchased approximately 53.1 million of its American depositary shares (ADSs) on the open market, for an aggregate consideration before expenses of approximately US$277 million.
The information was given by Melco Resorts’ parent, Melco International Development Ltd, in a Monday filing to the Hong Kong bourse.
Melco Resorts’ shareholders had approved a share repurchase programme for up to US$500 million – equivalent to approximately HKD3.90 billion – of Melco Resorts shares and/or ADSs over a three-year period from June 2, 2024.
On April 7 this year, Melco International reported Melco Resorts had up to that date repurchased US$174-million of ADSs.
Melco Resorts runs casinos in Macau, one in the Philippine capital, gaming venues in the Republic of Cyprus, and will soon launch a casino venue in a complex in Colombo, the Sri Lankan capital. The latter is “on track” for a third-quarter opening, according to recent comment by Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts.
Earlier this month, Melco Resorts said it was talking with “potential buyers” for its interest in the City of Dreams Manila complex.
