Last month, Melco International Development Ltd. listed its Studio City casino resort in Macau on the New York Stock Exchange (NYSE). That initial public offering (IPO) helped life the company’s stock prices and also provided a windfall for its chairman and CEO, Lawrence Ho. Ho raked in $2.9 million in cash as a direct result of the listing.

When Studio City launched its IPO, it put up 28.75 million American depositary shares. Each was worth the same as four ordinary shares and had a value of $12.50. Share prices increased by 48% after the debut and settled at a 24% increase by the end of the trading day. The IPO helped the company raise $359.4 million in gross profits.

The success of the IPO, according to a filing with the Hong Kong Stock Exchange last Friday, will result in the company being able to distribute $5.4 million, which will occur at the end of the year. In accordance with the filing, Ho and his associates are entitled to 53.6% of the payout, which they will receive through a cash withdrawal.

Prior to the NYSE listing, Melco stated that it would distribute 1.5% of its share of the gross proceeds and subscribe to ordinary shares worth a total of 200,094 American depositary shares. The distribution was to take place at the final offer price as a way to ensure shareholders would receive depositary shares.