Posted on
June 21, 2013 08:03:24 PM [ BusinessWorld Online ]
By Cliff
Harvey C. Venzon, Reporter
MELCO Crown
(Philippines) Resorts Corp. and Sy-led partner Belle Corp. are on track to open
a billion-dollar integrated resort in the middle of next year, a Melco official
said Friday.
"Yes we
are still on target. Our opening date will be mid-2014. That is the internal
target. We have our whole management team running the project," Melco
Chairman and President Clarence Chung told reporters in a chance interview in
Makati City following the company's stockholders meeting.
Melco Crown
Philippines, the local unit of Macau-based Melco Crown Entertainment Ltd., was
tapped to operate the casino of Belle Grande, one of the four integrated
resorts to rise at the Bagong Nayong Pilipino Entertainment City near Manila
Bay.
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.
The company,
Mr. Chung said, is scouting for a possible partner operator for the hotel.
Melco Crown
Philippines conducted a backdoor listing early this year via Manchester
International Holdings Corp.
In April,
Melco Crown Philippines raised $377 million when it sold to foreign investors
around 1.1 billon shares at P14 apiece to fund the resort project.
Aside from
Belle, the other licensees at the Entertainment City complex are Razon-led
Bloomberry Resorts Corp.; Universal Entertainment Group, under Japanese
businessman Kazuo Okada; and Travellers International Hotel Group, a joint
venture between Alliance Global Group and Genting Group of Malaysia.
Bloomberry's
Solaire Resort and Casino started operations in March, while the others will
open in the next three years.
Melco Crown
Philippines, which has yet to realize revenues upon the opening of Belle
Grande, booked a net loss of of P338.68 million in the first quarter due to
operating and development cost and expenses.
Shares of
Melco Crown Philippines plunged 57 centavos or 5.7% to P9.43 apiece on Friday.
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