Lawrence Ho, chairman and chief executive of Macau casino operator Melco Resorts and Entertainment Ltd, has been awarded American depositary shares with a market value of US$10 million, according to a Thursday filing.

The 484,956 restricted depositary shares valued at US$20.68 each, are equivalent to 1,454,868 Melco Resorts shares.

The size of the award had been determined with reference to Mr Ho’s “duties and responsibilities as director of a subsidiary of Melco Resorts in Macau, where the majority of Melco Resorts group’s business is located,” said the filing.

The restricted shares granted represent approximately 0.10% of Melco Resorts’ issued shares as of the date of the announcement, said the filing.

The awards will vest in two equal tranches, on April 7, 2023, and April 7, 2024, respectively.

Melco Resorts achieved in the fourth quarter break even in terms of earnings before interest, taxation, depreciation and amortisation. But it finished full-year 2020 with a net loss of US$1.26 billion amid factors including the business disruption linked to the pandemic, compared with a profit of US$373.2 million in 2019. That was on revenue that fell by 69.9 percent year-on-year, to US$1.75 billion.

According to Forbes, Ho’s net worth is currently estimated US$2.3 billion. He is at number 1299 on 2021 Forbes Richest People list, and at number 38 on Hong Kong’s 50 Richest list.

Editing by Rachel Hu