Melco approves $500m share buyback

Melco Resorts & Entertainment said its board has approved a $500 million share repurchase program.

The program is effective immediately and will run for a three year period. The board will decide on the amount and frequency of the purchases according to market conditions.

The notice doesn’t oblige the company to buy back shares and the program can be terminated at any time, it said in a Securities and Exchange Commission filing.

Melco’s stock is currently trading at about $27.97. It’s high for the past 52 weeks was $30.49, while the lowest point during the period was $18.00.