Melco Crown Entertainment is switching gears on the funding of its Manila super-casino, opting to place shares privately rather than go with a public offering as initially planned.
According to a report in Dow Jones Newswires, the placement will look to raise US$377 millon through a sale of 1.1 billion shares, the proceeds to cover a major portion of the Macau casino operator’s investment in Belle Grande Manila Bay.
The $1.3 billion integrated resort is under development in the capital city as part of an expansive government-owned resort complex called Entertainment City. Belle Grande is the second of four casinos planned at the complex and is scheduled to open next summer with 1,900 slot machines, 350 table games, more than 1,000 hotel rooms, entertainment and leisure facilities and high-end residences.
The first, Solaire Resort & Casino, opened its $750 million first phase last month.
Melco is partnering with Philippines retail and commercial property tycoon Henry Sy.
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