Melco Crown Entertainment Ltd.’s Philippine unit is aiming to raise as much as $377 million as part of its share in funding Belle Grande Manila Bay, Dow Jones Newswires reported earlier this week. Melco Crown (Philippines) Resorts Corp. is looking into selling about 1.1 billion shares in a private placement, proceeds of which will be used to fund the Philippine casino project Melco Crown is developing with Belle Corp.
There were reports that Melco was also considering a public offering to earn the necessary money it needs to fund its share of the overall project, but ultimately, the company decided that a private placement would be a more prudent course of action. Melco Crown Resorts was formerly called Manchester International Holdings Unlimited Corp. but has since changed its name after Macau’s Melco Crown Entertainment purchased the company and use it as a vehicle to manage and operate Belle Grand Manila Bay upon its opening next year.
As part of its plans for private placement, Melco Crown Resorts is looking to sell as much as 1.1 billion in shares with each share priced between Php11 and Php14. The sale is now being offered in Manila and with some road show sales expected to take place in numerous countries all over the world, including Hong Kong, Singapore, London, and the US.
All in all, Melco is planning on investing as much as $600 million in Belle Grand Manila Bay, it’s very first casino outside Macau and one that it’s co-building with partner the Henry Sy-owned Philippine property developer Belle Corp.