Melco Crown Entertainment


Melco Crown Entertainment

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City Of Dreams

Melco Crown Entertainment

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James Packer Lawrence Ho Stanley Ho Crown Casino Crown Macau Macau Asian Gaming

News

Melco eyes Hong Kong listing by year-end - 21st November 2011

The Hong Kong securities regulator has begun analysing a possible dual listing of Melco Crown Entertainment and the local gaming operator wants to complete the move by the end of 2011.

Melco said on Friday the Hong Kong securities regulator started to consider its listing proposal the previous day, adding that it aims to complete the Hong Kong listing by year-end.

The company is not planning for a global offering in view of “current market sentiment,” it said in a statement.

Instead of issuing new shares, Melco would instead choose a listing of share already on issue.

But this alternative, called listing by introduction, would raise no additional funds.

The operator was originally expected to raise between USD 400 and 600 million (MOP 3.2 to 4.8 billion) to finance the resumption of the long-delayed Macao Studio City resort.

“We believe our proposed dual listing on the local bourse will not only put us on a par with our competitors, but will also provide our existing shareholders with much enhanced liquidity, while providing us with access to an additional source of capital,” Melco co-chairman Lawrence Ho Yau Lung said in August.

“The company will continue to evaluate future fund raising plans,” Friday’s statement added.
The operator completed the acquisition of a 60 percent share in the project in July and Lawrence Ho said at a press conference that they would invest USD 1.7 billion (MOP 13.7 billion) in the Cotai resort.

The move was welcomed by markets as Melco rose as much as 6 percent in New York trading after the announcement.

The company passed a preliminary listing hearing last month, according to market sources quoted by Hong Kong Economic Times.

Melco also announced that it would convert loans of HKD 899.8 million initially provided in 2006 by its major shareholders into ordinary shares by the end of this month. The operator’s two major shareholders are Lawrence Ho’s Melco International Development and Australian gaming company Crown Limited, headed by James Packer.

“The conversion is deemed appropriate at this time to demonstrate the company’s ability to carry on its business independently of controlling shareholders, as required” under the Hong Kong listing rules, a statement said.

The move “is further evidence of our controlling shareholders’ continuing commitment to the company, as well as their confidence in Macau’s long term prospects,” Melco added.

 

 

 

Websites

City Of Dreams

Melco Crown Entertainment


News

James Packer Gambling On 3rd Macau Casino, by Greg Tingle - 18th June 2011

JP's Macau casino joint venture plans to build a massive $US2.5 billion ($2.3bn) casino resort...the group's lucky third in the Chinese territory. This will see them look capitalise on surging gaming revenues in the red hot part of the world.

Melco Crown Entertainment yesterday signed off on a $US360 million deal to gain control of the Macau Studio City project, an "integrated resort project" on hold since the global financial crisis and in planning for more than 10 years.

The firms chief executive, Lawrence Ho, advised the property's theme and demographic target focus would be differentiated from the company's existing Macau property assets, the City of Dreams and the Altira Macau.

Construction is due to start early next year and it is believed the partners have no plans for an equity issue to fund the project.

"We believe Macau Studio City's existing land grant and previously completed site work will allow us to significantly expedite its construction timetable," Ho told the press yesterday.

It will be Melco Crown's second project on Macau's Cotai strip, a vast stretch of reclaimed land situated between the islands of Taipa and Coloane that land based casino developers in Macau, such as Ho and Packer, are promoting as the orient's answer to the Las Vegas strip aka "Sin City". City of Dreams is in Cotai.

Last year, Ho said Melco Crown was prepared to build more casino resort developments in Macau and elsewhere in Asia. Packer's Crown holds a 33.4% stake in Melco Crown.

The Studio City site is one of the last prime land sites available in Macau for development.

It is located at the Lotus Bridge immigration point, making it the virgin resort that tourists encounter via entering Cotai.

Before the financial meltdown, Melco Crown had a management arrangement with Studio City's owners to run the casino at the site, but elected to take control of the project after it became troublesome for the owners to properly fund it within the prior structure.

Melco Crown is understood to have codenamed the deal Project Eagle.

The deal ends 3 long years of delays caused by legal matters and a range of dramas between the Hong Kong and US investors.

Studio City was previously owned by a joint venture between Hong Kong-listed entertainment company eSun Holdings and New Cotai Holdings, an entity controlled by funds managed by US firms Silver Point Capital and Oaktree Capital Management.

New Cotai Holdings will hold a 40% stake.

Melco Crown will pay New Cotai $US100m in 3 instalments over two years.

Before the financial crunch, the casino development was to have included a specially designed 4000-seat arena, a 2300-seat theatre, Asia's first "Playboy Mansion" and 4 new classy hotels - a Ritz-Carlton, a W Hotel, a Marriott and the world's first Tang Hotel.

Last month, Macau gaming revenues rose 42.4% to a record $US3.03bn, what Vegas casino operators dream of.

They were rocketed by the opening of Galaxy Entertainment Group's $US2bn resort development at Cotai, which is nearby to the City of Dreams.

"We remain bullish on Macau's prospects and believe high-quality new supply, such as Macau Studio City, will continue to drive incremental demand," Ho said.

Media Man has been speaking to property and gaming experts about the Packer - Macau developments, with 95% believing that the latest Packer Macau project with be a "good to great business and investment".

Friends, good punting, know your limits and bet with your head, not over it.

 

Profile

City of Dreams is a property along the Cotai Strip in the Cotai reclaimation area in Macau built, owned and managed by Melco Crown Entertainment, formerly known as Melco PBL Entertainment. City of Dreams is Melco's second mega-sized property in Macau. It is located directly opposite The Venetian Macao, the first property in Cotai, opened by Las Vegas Sands Corp.

City of Dreams, widely known as COD or COD Macau in the industry, is in the style of a podium, with four towers: namely the Hard rock Hotel, Crown Towers, the Grand Hyatt Macau, and a 47-storey luxury apartment block. Its three-floor podium includes a mega-casino, over 200 shopping facilities and hotel guest facilities. City of Dreams will offer 420 000 sq ft of gaming space that boasts 550 gaming tables and 1500 machines, over 20 restaurants and bars one of the largest in the city. The mega property also includes 175 000 sq ft of high-end retail space (The Boulevard) spread across two levels.

Also two theaters will open attract patrons, the first one "The Bubble" will show a HD media projection presentation entitled "Dragons Treasure". The Dragone Theater will open in mid of 2009.

The first phase COD Macau will open on 1st June 2009, while Hyatt will open in August 2009, and the Apartments likely to open in 2010.

Facilities and Services

Entertainment:
Casino: 420,000-square-foot, 550 gaming tables and 1,500 gaming machines
Hotel: 2,200 guest rooms and suites
Crown Towers
Grand Hyatt Macau
Hard Rock Hotel
Other:
Apartment: Apartment Hotel
Shopping: The Boulevard, 175,000 square feet of retail space spread over two levels
Dining: Over 20 food and beverage venues

Multi-media Show: Dragon’s Treasure™ will be showcased in The Bubble™, a dome-shaped theatre and one of the iconic landmarks located in City of Dreams. This 10-minute immersive multi-media experience combines high-definition video content, a sweeping musical score, over 29,000 theatrical LED lights, and a variety of sensory effects to create a stirring multi-media extravaganza.

Sponsorship

City of Dreams is the title sponsor for Matthew Marsh in the 2008 Macau Guia race. COD organized a visit by Matthew Marsh to the Fountain of Hope, a Macau based non-profits home in November 2008. (Credit: Wikipedia).

Articles

Australia's Crown Casino and James Packer on the Upswing - 3rd April 2009

Crown Casino Won’t be Taking Stake in Las Vegas Project - 5th April 2009

Macau odds-on as prices soar

Macau draws the line on its casino industry - 23rd April 2008

Macau's house take grows 23% to $8.9b - 24th January 2007

Crown Macau Officially Opened by James Packer

Branson to join Macau's casino rush - 27th January 2007

Profiles

James Packer

Crown Casino

Crown Macau

Macau

Asian Gaming

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Media Man Australia does not represent City Of Dreams