Melco Crown Entertainment, the Macao gaming operator, has awarded chairman and chief executive Lawrence Ho a US $10 million stake under the company's share award scheme.

    The 484,956 U.S. shares, equivalent to nearly 1.5 million Melco shares, will vest in two installments to Lawrence Ho on April 7, 2023, and on April 7, 2024, Melco said. The shares represent about 0.10% of Melco's issued share capital and are worth about $10.03 million at the current share price.

    In a Nasdaq filing, Melco said the share awards were determined in accordance with [Lawrence Ho's] duties and responsibilities as a director of Melco's Macau subsidiary. Most of Melco's business is based in Macao.

    "The purpose of the award is... to encourage and motivate Lawrence Ho to continue his commitment to the future development of Melco Crown and its business."

    Melco recently reported a pre-tax loss of nearly $1.5bn in 2020 due to the impact of COVID-19 on its operations in Macau and the Philippines.