Casino developer and operator Melco Resorts & Entertainment Ltd says its board approved a new three-year share repurchase programme. The firm’s management is authorised to carry out on-market repurchases up to an aggregate of US$500 million, the company announced on Monday.
“The new programme is effective immediately and replaces the three-year share repurchase programme that was announced in June 2021 and which has expired,” stated the U.S.-listed casino operator.
“The new programme permits the company to purchase up to US$500 million of its ordinary shares and/or American depositary shares over a three-year period commencing from June 2, 2024,” it added.
The company said additionally that the timing of the purchases and the amount of shares purchased will be determined by its management “based on its evaluation of market conditions, trading prices, applicable securities laws and other factors”.
Purchases under the new programme may be made “on the open market at prevailing market prices … and/or in privately-negotiated transactions,” it noted.
Melco Resorts operates casinos in Macau, as well as City of Dreams Manila (pictured) in the Philippine capital. It also has a monopoly licence in the Republic of Cyprus, where its flagship resort is City of Dreams Mediterranean. The company has recently announced investment in the casino portion of a resort in Sri Lanka.
The casino firm posted a first-quarter net profit attributable to shareholders of US$15.2 million, on operating revenues that rose 55.2 percent year-on-year, to US$1.11 billion.
Lawrence Ho Yau Lung, chairman and chief executive of Hong Kong-listed Melco International Development Ltd, has upped his long position in Melco International, the parent of Melco Resorts.
Mr Ho, who also chairs Melco Resorts, purchased nearly 15.6 million shares in Melco International between April 8 and May 22, at an aggregate value of just under HKD90.71 million (US$11.6 million).
