Melco Resorts & Entertainment (NASDAQ:MLCO)
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6 Months : From Jan 2019 to Jul 2019
Melco Resorts & Entertainment Limited announced that it is the first and only hospitality group and integrated resort operator globally to become a signatory to The New Plastics Economy Global Commitment ('Global Commitment'), led by the Ellen MacArthur Foundation in collaboration with UN Environment. This announcement coincides with the first official progress report* published by the Ellen MacArthur Foundation around this global initiative to eliminate plastics waste and pollution. Driven by Melco’s strong focus around environmental sustainability which is core to its strategy and daily operations, Melco is committed to reducing the use of problematic plastics and promoting circular economy across its global operations, including at integrated resorts City of Dreams Macau, Studio City, Altira Macau and City of Dreams Manila, as well as its corporate offices and properties in Hong Kong, Macau, the Philippines and Japan.
The New Plastics Economy Global Commitment was first launched in October 2018, spearheaded by Ellen MacArthur Foundation in collaboration with UN Environment and supported by World Wide Fund for Nature (WWF), World Economic Forum and Consumer Goods Forum, among others. The Global Commitment addresses the worldwide issue of plastics pollution. With plastics weighing 8 million tonnes entering the ocean each year, if current trends continue, there could be more plastics than fish (by weight) in the sea by 2050. The initiative enables a coalition between governments and companies committed towards 100% reusable, recyclable, or compostable plastic packaging by 2025. Businesses that become signatories will publish annual data on their progress, and targets will be reviewed every 18 months and amplified over time.
As a signatory, Melco is committed to eliminating unnecessary plastic packaging and reducing single-use plastics. By the end of 2019, Melco will remove 100% of single-use plastic bottles at all employee areas. By the end of 2020, Melco plans to expand the scope to guest areas including for amenity kits, garbage bags, plastic bottles, straws, disposable F&B containers and utensils with a concrete roadmap. Furthermore, by mid-2019, Melco will complete the process of identifying non reusable, recyclable, or compostable packaging, and further develop an execution plan to address each of these by 2025.
In support of this initiative, Mr. Lawrence Ho, Chairman and Chief Executive Officer of Melco Resorts & Entertainment said, “We recognize plastic pollution is a global challenge and will endeavor to eliminate problematic plastic by placing this at the forefront of our sustainability efforts. As a leading integrated resort operator and responsible corporate citizen, it is our duty to take concrete action by helping resolve some of the key environmental threats facing communities around us, in Macau and beyond. We believe we need to leave our environment in a better state for the next generation and Melco is thoroughly committed to doing its part.”
*First New Plastics Economy Global Commitment Report: www.newplasticseconomy.org
About Melco Resorts & Entertainment LimitedThe Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. The Company currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about the Company, please visit www.melco-resorts.com.
The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.
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