Manila casino operator plans $400m IPO
Melco Crown Philippines, a subsidiary of Macau-based Melco gaming group, plans to raise up to $400 million from a equity offering at the Philippine Stock Exchange later in 2013, according to a filing submitted to the securities commission.
The proceeds are expected to fund part of the Melco group’s investment in an entertainment complex that will rise in Pagcor City along Manila Bay (‘Entertainment City’), the country’s future version of the Las Vegas and Macau gaming hubs.
Melco Crown has ventured into the Philippine gaming industry through a partnership with the SM group, which is building the $1.3-billion Belle Grande entertainment complex, the second gaming complex to rise in Pagcor City after the recently opened Solaire Manila of tycoon Enrique Razon. This group has committed to contribute at least $600 million to this local project.
The Belle Grande Manila Bay casino is expected to open in the middle of 2014.
Although the country currently only has two open casinos, industry insiders are of the opinion that the Filipino gaming market has the potential to be one of the world’s largest. Lawrence Ho, Melco’s CEO, thinks that gaming revenues in the Philippines could match those of Singapore and Las Vegas in five to ten years’ time.
The gaming industry is mainly targeting middle-income foreigners in the region and also aims to boost tourism arrivals especially from countries where gaming is prohibited, such as Thailand, Malaysia and Vietnam.
[caption id="attachment_7832" align="alignleft" width="300"] The new Belle Grande Casino by Melco is slated to open in 2014[/caption] Melco Crown Philippines, a subsidiary of Macau-based Melco gaming group, plans to raise up to $400 million from a equity offering at the Philippine Stock Exchange later in 2013, according to a filing submitted to the securities commission. The proceeds are expected to fund part of the Melco group’s investment in an entertainment complex that will rise in Pagcor City along Manila Bay ('Entertainment City'), the country’s future version of the Las Vegas and Macau gaming hubs. Melco Crown has ventured into the...
Melco Crown Philippines, a subsidiary of Macau-based Melco gaming group, plans to raise up to $400 million from a equity offering at the Philippine Stock Exchange later in 2013, according to a filing submitted to the securities commission.
The proceeds are expected to fund part of the Melco group’s investment in an entertainment complex that will rise in Pagcor City along Manila Bay (‘Entertainment City’), the country’s future version of the Las Vegas and Macau gaming hubs.
Melco Crown has ventured into the Philippine gaming industry through a partnership with the SM group, which is building the $1.3-billion Belle Grande entertainment complex, the second gaming complex to rise in Pagcor City after the recently opened Solaire Manila of tycoon Enrique Razon. This group has committed to contribute at least $600 million to this local project.
The Belle Grande Manila Bay casino is expected to open in the middle of 2014.
Although the country currently only has two open casinos, industry insiders are of the opinion that the Filipino gaming market has the potential to be one of the world’s largest. Lawrence Ho, Melco’s CEO, thinks that gaming revenues in the Philippines could match those of Singapore and Las Vegas in five to ten years’ time.
The gaming industry is mainly targeting middle-income foreigners in the region and also aims to boost tourism arrivals especially from countries where gaming is prohibited, such as Thailand, Malaysia and Vietnam.
