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.
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