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MANILA, Philippines – Macau casino operator Melco Crown Entertainment has hired a key executive of Genting Malaysia Berhad to head Melco’s Philippine casino operations.
In a disclosure to the PSE on March 27, Melco Crown (Philippines) Resorts Corp. announced that Dato’ Kevin Sim, the executive vice-president for Genting’s resort operations, will be the chief operating officer of the Manila hotel-casino venture effective April 29.
He had previously served as Genting Malaysia senior vice-president of Casino Operations, vice-president of Slots and vice-president of Finance.
The Melco board approved his appointment on Tuesday, March 26.
Australian James Packer and Macau gaming mogul Lawrence Ho own Melco Crown Entertainment, which has a partnership agreement with Henry Sy’s Belle Corp. for the $1.3 billion Belle Grande project.
Belle Grande is set to open in mid-2014 at the Pagcor Entertainment City in Manila Bay.
Meanwhile, Melco Crown Philippines also announced on March 27 that it plans to raise $400 million to finance the completion of the Belle Grande.
In a disclosure to the bourse, the company announced that it plans an equity offering to fund the hotel-casino project.
Four groups
Melco is one of the 4 groups that have a franchise to open casino-entertainment operations at the Entertainment City, which is expected to bring in high-end tourists and put the Philippines in the gambling map.
Enrique Razon-led Bloomberry Resorts Corp opened Solaire Resorts and Casino on March 16.
Genting also has a partner among the 4 groups: Andrew Tan-led Alliance Global Group Inc. The two groups will pour $1.2 billion to launch of Resorts World Bayshore at the Entertainment City project.
Genting and Alliance, through their joint venture, Travellers International, have invested $800 million in Resorts World Manila, the country’s first integrated tourism entertainment complex near the Manila international airport.
Melco and Genting
Genting and Packer’s Australian gaming firm Crown Ltd have crossed paths in the past. The two had wanted to increase their stakes in Echo Entertainment Group, which operates a casino in Sydney and other hospitality assets in Australia.
Genting has successfully increased its stake to 10% of Echo despite similar efforts by Packer, a billionaire who had sold his inherited media empire to controversial Rupert Murdoch.
Genting’s moves in Australia do not bode well for Packer’s previous plan of combining forces with Echo and building an upscale new casino in Sydney that would appeal to Asian gamblers. – Rappler.com
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