Posted on June 18, 2014 09:52:14 PM [
BusinessWorld Online ]
MELCO CROWN (Philippines) Resorts
Corp. has increased its total budget for City of Dreams Manila, an integrated
resort and casino project at Bagong Nayong Pilipino in Parañaque City, which is
set to open by the second half of the year.
In a special meeting yesterday, Melco
Crown’s board of directors approved an increase in the project cost to P37
billion, from P28 billion previously, as well as a top-up placement of the
company’s shares.
In a disclosure yesterday to the stock
exchange, Melco Crown also announced a one-day voluntary trading suspension in
anticipation of an announcement concerning a fund-raising activity.
City of Dreams Manila is a joint venture
of Melco Crown and SM Group’s Belle Corp. It will have a casino, high-end
restaurants, and three luxury hotels.
It is among the four integrated
resorts being developed at the entertainment complex owned by the Philippine
Amusements and Gaming Corp. The others are Solaire Resort & Casino of
Bloomberry Resorts Corp., The Manila Bay Resorts of Tiger Resorts and
Entertainment, Inc., and Resorts World Bayshore of Westin Starwood Hotels &
Resort.
Melco Crown’s net loss nearly tripled
in the first quarter, to P970.1 million from P338.7 million a year earlier, due
to expenses incurred for the development of City of Dreams.
Gross expenses soared to P991.4
million from P338.7 million.
Melco Crown last traded at P12.18 on
Tuesday.
________________________________________________________________
