Posted on
June 26, 2013 10:32:40 PM [ BusinessWorld Online ]
THE BOARD of
Melco Crown (Philippines) Resorts Corp. has approved a P9.5-billion equity
infusion in a wholly owned subsidiary, the casino operator said in a regulatory
filing attached to a disclosure yesterday.
“During the
meeting of the board of directors of Melco Crown Philippines held today, June
26, 2013, the board approved the subscription by the corporation... to an
additional 40 million common shares of the unissued capital stocks of its
wholly owned subsidiary, MCE Holdings (Philippines) Corp., with a par value of
P1 per share at a total subscription price of P9.5 billion,” the company said.
Company
officials were not immediately available for additional details.
MCE Holdings
owns MCE Holdings No. 2 (Philippines) Corp., which in turn owns MCE Leisure
(Philippines) Corp.
The
consortium of MCE Leisure Philippines and SM Group’s Belle Corp. is one of the
four licensees at the Bagong Nayong Pilipino Entertainment City in Parañaque
City, now showcased as the country’s emerging gaming hub.
Belle is
currently building Belle Grande, which is scheduled to be opened by the third
quarter of next year. The integrated casino complex will be operated by Melco.
Belle Grande,
which will rise on a 6.2-hectare site, will have mass market and VIP gaming
facilities, restaurants, entertainment attractions, upscale boutique hotel
facilities, a family entertainment center and a night club.
Melco Crown
Philippines, the local unit of Macau-based Melco Crown Entertainment Ltd.,
conducted a backdoor listing early this year via Manchester International
Holdings Corp.
Last April,
Melco Crown Philippines raised $377 million when it sold to foreign investors
around 1.1 billion worth of shares at P14 apiece to fund the casino project.
Aside from SM
Group-Melco consortium, the three other licensees at the casino complex are:
Razon-led Bloomberry Resorts Corp.; Universal Entertainment Group of Japanese
businessman Kazuo Okada; and Travellers International Hotel Group, which is a
joint venture between Alliance Global Group and Genting Group of Malaysia.
Melco Crown
Philippines, which has yet to realize revenues from its planned casino, booked
a net loss of P338.68 million in the first quarter due to operating and
development cost and expenses.
Its shares
added 29 centavos or 3.82% to close at P7.89 apiece yesterday from P7.60 each
on Tuesday. -- Cliff Harvey C. Venzon
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