Lawrence Ho transfers 26.44mln shares in Melco Resorts for ‘generational wealth planning’

Lawrence Ho Yau Lung, chairman and chief executive of casino group Melco Resorts & Entertainment Ltd, has transferred just over 26.44 million ordinary shares in the firm, each with a par value of US$0.01, as a “gift” to an “irrevocable, professionally-managed trust as part of a generational wealth planning exercise”. That is according to a Friday filing in the United States, which cited a Singapore address for Mr Ho for the purpose of the filing. Two transactions – both dated September 16 – involved just under 16.51 million shares and just over 9.93 million shares, respectively. Mr Ho directly holds just under 8.80 million shares in Melco Resorts following the exercise. Nonetheless, as of the date of the amendment, an entity called Melco Leisure and Entertainment Group Ltd – wholly-owned and directly-controlled by Hong Kong-listed Melco International Development Ltd, the parent of Melco Resorts – held just over 687.36 million, or 56.3 percent, of Melco Resorts’ issued and outstanding ordinary shares. Per Friday’s filing to the Hong Kong bourse, Melco International is majority-owned and majority-controlled by Mr Ho. As of the announcement date, Mr Ho held Melco International ordinary shares directly and through Better Joy Overseas Ltd, Lasting Legend Ltd, Mighty Dragon Developments Ltd, Black Spade Capital Ltd and Maple Peak Investments Inc. Black Spade Capital is a Hong Kong-based family office managing private investments of Mr Ho. As of Friday’s filing, Mr Ho was, or was deemed to be interested in, approximately 61.4 percent of Melco International’s issued and outstanding ordinary shares. Melco Leisure was one of the founding shareholders of Melco Resorts, and received 500 million ordinary shares from that issuer in March 2005 in exchange for the contribution of various operating assets and development projects to start Melco Resorts’ business. Melco Resorts has casinos in Macau and the Republic of Cyprus; and also runs casino operations – alongside local real estate partners – in the Philippines and Sri Lanka.