Melco Crown gives green light to $500m stock buyback

Melco Crown Entertainment said its directors have approved a plan to buy back as much as $500 million worth of stock.

The 2015 stock repurchase plan will run from May 20th through to the next annual general meeting in 2016.

The timing and amount of share repurchases will be determined by the company's management team based upon its evaluation of market conditions and other factors, it said.

Nasdaq-listed Melco is trading around its lowest level in two-years as investors exited the stock following the slump in Macau gambling revenue. The stock closed at $19.20 on Wednesday with a 52-week spread of $18.58 - $37.00.

The company last year announced plans to drop its Hong Kong listing due to the regulatory and administrative costs associated with a dual listing.