Posted on March 13, 2013 11:53:44 PM [ BusinessWorld Online ]
CASINO developer Belle Corp. signed yesterday an operating agreement with regional casino giant Melco Crown Entertainment Ltd., officially handing the latter the operating rights for the planned Belle Grande Manila Bay complex in Parañaque City.
In a disclosure to the stock exchange yesterday, Belle said that together with its wholly-owned subsidiary PremiumLeisure & Amusement, Inc., it had signed an operating agreement with Melco Crown’s indirect subsidiaries MCE Leisure (Philippines) Corp., MCE Holdings (Philippines) Corp., and MCE Holdings No. 2 (Philippines) Corp.
The agreement effectively closed the “cooperation agreement” Belle had signed with Melco Crown last October.
Explaining the difference between the two agreements, Willy V. Ocier, Belle vice-chairman, via a text message said, “This means that Belle has already satisfied certain documentation and other conditions precedent to formal implementation of the agreement of Oct. 25, 2012.”
Belle shares gained 10 centavos or 1.69% to P6.00 apiece yesterday from P5.90 leach ast Tuesday.
Melco Crown, famous for operating the “City of Dreams” integrated resort in Macau, will operate through its subsidiaries Belle Grande, Belle’s integrated resort and gaming complex within the Bagong Nayong Pilipino Entertainment City near Manila Bay.
Belle is currently devoting “significant resources” for the 2014 completion of Belle Grande, which will rise on a 6.2-hectare site within the state-run Entertainment City.
Philippine Amusement and Gaming Corp. had issued Belle one of the four integrated casino permits in the planned gaming complex, together with three other casino-resort developers, namely Travellers International Hotel Group, Inc. (Resorts World Bayshore), Bloomberry Resorts Corp. (Solaire Resort and Casino Manila), and Tiger Resorts Leisure and Entertainment, Inc. (Manila Bay Resorts).
Belle is an affiliate of Sy-led SM Investments Corp.