Philippine-listed Sinophil Corp is changing its name to Premium Leisure Corp, the company said in a filing. The move is part of an ongoing asset reorganisation by parent Belle Corp, which is a partner in the US$1.26 billion City of Dreams Manila casino resort in the Philippines capital.
The change will become official after being voted on at the annual stockholders’ meeting of Sinophil, scheduled for July 18.
Earlier this month, Belle Corp announced in a filing to the Manila bourse it would reorganise its gaming assets under Sinophil. That includes the injection of Belle’s 100 percent ownership of Premium Leisure and Amusement Inc, and its shares representing 34.5 percent of online lottery system provider Pacific Online Systems Corp into Sinophil.
Premium Leisure and Amusement is part of the consortium that holds a gaming licence for casino resort City of Dreams Manila. The other partner is Melco Crown (Philippines) Resorts Corp, a subsidiary of Macau-based Melco Crown Entertainment Ltd.
Belle says the casino resort currently has an allotment from the country’s regulator and licensor, the Philippine Amusement and Gaming Corp (Pagcor) for 365 gaming tables, 1,680 slot machines and 1,680 electronic table games. The property is scheduled to open next October in Manila’s Entertainment City. It will be operated by Melco Crown Philippines.
Belle’s asset reorganisation is forecast to be completed on or about August this year.
Belle is controlled by SM Group, headed by Henry Sy, patriarch of the Philippines’ richest family.
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”I don’t see this project [Lisboeta Macau] will just go for the existing market clientele. The clientele I’m going for is… family [travellers]. This is a four-star resort and the pricing will be benchmarked against other four-star hotels in Cotai.”
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