Melco Crown Philippines to raise $400M in share offer — IFR

Hong Kong — Melco Crown Philippines Resorts Corp., the Philippine unit of Macau gaming company Melco Crown Entertainment, plans to raise $400 million through an offering of 1.2 billion shares, Thomson Reuters IFR reported on Wednesday.

 

Melco Crown Entertainment, run by Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho, recently signed a deal with Belle Corp. in the Philippines to develop and operate a $1 billion Entertainment City casino resort. It aims to open the resort in mid-2014.

 

That project is Melco's first casino outside its home base Macau and one of the biggest Chinese investments in the Philippines.

 

The share offer comprises a base of 1 billion shares with an overallotment option of 200 million shares.

 

Citigroup and UBS are managing the offer, the report said. — Reuters