Melco rewards staff who took furlough with share plan

The Hong Kong-headquartered casino and gaming group, which is listed on the Nasdaq, said the opportunity applies to eligible employees who agreed in 2020, at the height of the pandemic, to participate in its voluntary leave programme.

This was one of a series of measures taken by the operators to manage costs at a point when its properties were either shuttered or travel restricted.

Under the programme, an eligible employee can use a portion of their base salary between July 2021 and June 2022 to purchase and receive a grant of restricted shares under the Melco Resorts 2011 Share Incentive Plan, with an aggregate value equal to 200% of the amount of base salary at the grant date.

Melco added that the maximum amount of restricted shares which may be issued under the programme represents less than 0.5% of its total shares outstanding as of 8 July 2021.

Melco said the programme is designed to “recognise the dedication and commitment of its employees and provide eligible employees the opportunity to benefit from the company’s long-term growth”.

“The share purchase and award programme demonstrates our recognition of the dedication and commitment our colleagues have demonstrated during the height of the Covid-19 pandemic last year,” Melco chairman and chief executive Lawrence Ho said.

“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 capitalise on the long-term growth of the company. Our colleagues are always the single most important ingredient to delivering future success.”

Since last year, the group has launched several voluntary programmes including voluntary exit schemes for local resident staff, which would allow them to leave or to step down from the operator.

Melco reported a significant year-on-year decline in revenue and a $1.26bn net loss for 2020. Total operating expenses for 2020 were down 46.5% at $2.67bn, resulting in the business swinging from an operating profit of $747.7m in 2019 to a $940.6m loss.