Summary by Futu AI
Melco International Development Limited ("Melco International") announced that its listed subsidiary Melco Resorts & Entertainment Limited ("Melco") approved a new USD 500 million share repurchase plan on June 3, 2024 (after trading hours). This new plan will take effect immediately, replacing the 2021 share repurchase plan that expired on June 1, 2024. The new plan will allow Melco to repurchase up to USD 500 million of ordinary shares and/or American depositary shares within the next three years. Purchases may be made through the public market or by private negotiations, depending on market conditions and other relevant factors. Melco Resorts & Entertainment is a developer and asset owner of integrated resorts operating in Asia and Europe, and its American depositary shares are listed on the NASDAQ Global Select Market.