Melco Crown to raise $ 400 m via shares for Manila casino

Melco Crown (Philippines) Resorts Corp, the Philippines unit of Macau’s Melco Crown Entertainment Ltd., plans to raise up to US$ 400 million (MOP 3.2 billion) from a fresh equity offering to fund part of the operator’s investment in its Manila casino.

In a disclosure to the Philippine Stock Exchange, Melco Crown said it planned to raise funds from the sale of up to a billion common shares of the company with an option to upsize by up to 20%.

 

Melco Crown Entertainment finalised its partnership with Belle Corp for a gaming complex at Manila Bay last week. This will be Melco Crown’s first venture outside of Macau. The company will be in charge of operating the casino resort.

Willy Ocier, Vice Chairman of Belle Corp., said the facility would be operating by “probably June or July, mid-2014,” UPI news agency reported, quoting the Philippine Star newspaper.

The report also described the scheme as costing US$ 1.3 billion, instead of the previously reported US$ 1 billion.

Melco Crown Entertainment this week also announced the appointment of industry veteran Kevin Sim as Chief Operating Officer of its subsidiary, Melco Crown (Philippines) Resorts Corporation, a company listed on the Philippine Stock Exchange. Sim will oversee the operations of the company’s integrated resort development in Entertainment City, Manila.

Sim will join Melco Crown Philippines on 29 April 2013, following his departure from Genting Malaysia Berhad, where he serves as the Executive Vice President for Genting Highlands Resort, in charge of all aspects of operations including the casino, hotels and various other operating divisions.

Prior to this role, he was Senior Vice President of Casino Operations, Vice President of Slots, and Vice President of Finance. Sim was also instrumental in starting the Business Intelligence Unit where data mining is used extensively to drive Genting’s various customer relationship management initiatives.

Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented: “Our integrated resort development in Manila marks the company’s first development opportunity outside of Macau, and we look forward to delivering not only a world-class gaming experience to the Philippines, but also bringing our unique brand of leisure and entertainment to a new and exciting market.”

Melco Crown Entertainment is currently developing an integrated resort in Entertainment City, Manila which, upon completion by mid-2014, will include mass market and VIP gaming facilities, five-star luxury hotels and specialty restaurants and bars.

The resort will also include other notable amenities including Manila’s first branded family entertainment centre, a live performance central lounge inside the casino and a night club in the Fortune Egg, an architecturally-unique attraction which is expected to become an iconic landmark in the Manila Bay area.