Macau casino firm Melco plans IPO in PH
MANILA, Philippines - Macau-based Melco Crown Entertainment, owned by casino billionaires James Packer and Lawrence Ho, plans to list shares on the local exchange to raise capital for its $1-billion casino project with the SM group, ANC reported.
Jose Sio, chief finance officer of SM Investments Corp., the holding firm of the Philippines' richest man Henry Sy, said Melco's initial public offer will be launched next year.
"It could happen before the soft launch [of the casino project] or immediately after the soft launch," Sio told reporters.
Sio added Melco will create a local subsidiary for the listing.
Melco, which is also Nasdaq-listed, also plans an IPO in Hong Kong.
Sio disclosed Melco's IPO plan weeks after the SM group, through Belle Corp., formally signed an agreement for a $1-billion casino complex within the 120-hectare Entertainment City of the state-run gaming agency in Manila.
Melco has a network of casinos in Australia and Macau, the world's gambling mecca.
It is the developer of the famous "City of Dreams," which is known for its spectacular show called "The House of Dancing Water" -- a major tourist attraction in Macau.
Melco and SM are one of the 4 groups that were awarded licenses to build and operate casinos in the Entertainment City. The others include Andrew Tan-led Alliance Global, Bloomberry Investments of billionaire and port operator Enrique Razon Jr., and Japan's Universal Entertainment Corp. - Rappler.com