Melco Resorts & Entertainment has confirmed that it is continuing preparations to launch an Initial Public Offering of shares in Studio City International Holdings – the holding company for its Studio City integrated resort in Macau.
Updating the company’s intentions almost exactly a year since submitting a draft registration statement for a possible IPO to the US Securities Exchange on 14 August 2017, Melco said overnight that it has been “continuing its preparations for the proposed IPO, which is expected to commence as market conditions permit and remains subject to the US Securities and Exchange Commission declaring the registration statement effective.”
Melco added that the shares “may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.”
Studio City is 60% owned by Melco Resorts which in turn is 51.2% owned by Melco International. The latter announced last year that it intends to spin-off New Cotai, the privately owned investment firm that owns the other 40% of Studio City International Holdings, as part of its IPO.
“Following completion of the proposed spin-off, the company’s interest in Studio City will be reduced although it is intended that the company will remain as Studio City’s majority shareholder after the IPO,” Melco International said at the time.
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