Melco Resorts Plans Macau Move To Avoid US Delisting: FT

Melco Resorts Plans Macau Move To Avoid US Delisting: FT
  • Melco Resorts & Entertainment Ltd MLCO is planning to relocate its headquarters to Macau in order to avoid being delisted in the U.S., the Financial Times reported.
  • The U.S. Securities and Exchange Commission had said about 200 Chinese and Hong Kong corporations listed in New York will be made to delist in 2024 if they fail to comply with audit disclosure legal guidelines. 
  • Melco is a $2.5 billion online casino group run by Hong Kong online casino mogul Lawrence Ho.
  • The Holding Foreign Companies Accountable Act in 2020 empowers the regulators to prohibit overseas corporations from being traded within the U.S. if the audit watchdog is unable to examine audits for three consecutive years.
  • It is to be noted that China has prevented its businesses and auditors from disclosing audit particulars to overseas regulators.
  • Price Action: MLCO shares closed lower by 0.97% at $5.10 on Monday.
  • Photo Via Company

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