SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Singapore’s state investment company Temasek Holdings Private Ltd. bought a 5.02% interest in Philippine listed gaming firm Melco Crown (Philippines) Resorts Corp.
Temasek has bought from the market 222.245 million Melco shares as of May 28, 2013, Melco told the Philippine Stock Exchange on Tuesday, June 4.
Melco is the local unit of Hong Kong-based Melco Crown Entertainment Ltd. Together with Sy-led property firm Belle Corp., it is developing Belle Grande Manila, one of 4 casino developments in government-sponsored Entertainment City. Belle Grande will open in July 2014.
In April, Melco successfully raised $377 million through the sale of 1.098 million shares. The proceeds will be used to construct the casino project.
Belle Grande is expected to have over 250,000 square meters of gross floor area, including 17,000 sqm of gaming space and 20,000 sqm of retail and restaurant facilities. It will also have 920 hotel rooms.
The casino project will be the second to open in Entertainment City after Bloomberry Resorts Corp.’s Solaire Manila Resorts & Casino, which started operations in March.
Two more casinos, operated by companies led by Japanese tycoon Kazuo Okada and Malaysia’s Genting Group, will open between 2015 and 2016.
The Entertainment City is a 120-hectare development of gaming regulator Philippine Amusement and Gaming Corp. The area is being primed an integrated resort and gaming hub that will compete with Las Vegas, Macau and Singapore. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.