By Neil
Jerome C. Morales (The Philippine Star) | Updated April 10, 2013 - 12:00am
MANILA,
Philippines - The local unit of Macau-based casino giant Melco Crown
Entertainment Ltd. has raised more than P2 billion from the sale of treasury
shares.
The
fundraising is in line with the company’s plan to bankroll a $1.3-billion
casino complex in Manila, its first foray outside Macau.
In a
disclosure, Melco Crown (Philippines) Resorts Corp. said it sold all of its
150.43 million treasury shares at P14.20 apiece.
The
transaction allowed the gaming firm to raise P2.16 billion in fresh capital.
Treasury
stocks are company-owned shares which might have come from a buyback from
shareholders or it might have never been sold to the public.
Last week,
the local Melco unit announced its plan to conduct an international roadshow
this month as part of its $400-million share sale that will broaden the
company’s investor base and bankroll the construction of the integrated resort
and casino complex.
The
$1.3-billion, 920-room Belle Grande Manila Bay casino and resort, a joint
venture with the SM Group’s upscale leisure developer and gaming unit Belle
Corp., will start operations in June or July next year.
Belle and
Melco Crown will be the second casino operator in Entertainment City, following the
$1.2-billion Solaire Resort and Casino of port magnate Enrique Razon that
opened last month.
The government
is grooming the Philippine Amusement and Gaming Corp.’s (Pagcor) 120-hectare
Entertainment City along Manila Bay as a competitor of the Las Vegas, Singapore
and Macau gaming hubs.
Belle Grande
Manila Bay will be Melco Crown’s first casino outside Macau where it operates
the City of Dreams and Altira Macau casinos.
The company
is developing its third casino, Studio City, which is slated for opening in
2015.
The project
is also the first gaming venture of the Sy family, whose flagship company SM
Investments Corp. is involved in five core businesses – retail merchandising,
mall operations, property, banking and hotel and leisure.
Pagcor
forecasts that gambling revenues in the Philippines will grow from $1.3 billion
in 2011 to at least $10 billion by 2017 coming from the operations of the four
gaming complexes in Entertainment City.
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