• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Belle sells casino licence stakeholder for US$250 mln

Jul 23, 2014 Newsdesk Latest News, Philippines, Top of the deck  


Belle sells casino licence stakeholder for US$250 mln

Belle Corp said it has sold for approximately PHP10.85 billion (US$250.6 million) in cash its equity interest in a firm that jointly holds the casino licence for the City of Dreams Manila gaming resort (pictured in a rendering).

Belle said on Wednesday in a filing to the Philippine Stock Exchange that a deed of sale had been executed covering the sale by Belle to Sinophil Corp of all its 100 percent equity interest in Premium Leisure and Amusement Corp. The deal had been announced last month.

The latter is part of the consortium that holds a casino licence from the Philippine Amusement and Gaming Corp (Pagcor) the country’s regulator-cum-operator, for City of Dreams Manila.

The casino resort, expected to open later this year, will be operated by Melco Crown (Philippines) Resorts Corp and located in Pagcor’s Entertainment City zone at Manila Bay.

The latest deal is for Belle to sell 50,000 common shares in Premium Leisure and Amusement Corp at a price of PHP216,956.40 per share to Sinophil, which Belle majority-owns, holding 50.522 percent of the outstanding capital.

It is part of a strategy to allow the Belle entity “to focus, primarily, on real estate development and other allied businesses,” said Belle.

Spinning off Belle’s gaming assets into a separate unit also provides an opportunity to offer public investors exposure to the assets, Belle and Sinophil have said separately in filings.

Sinophil chairman Willy Ocier – also the vice chairman of Belle – on Monday confirmed to GGRAsia that Sinophil was considering widening its public ownership ahead of the opening of the City of Dreams Manila.

Belle Corp announced on June 2 it would reorganise its gaming assets under Sinophil, a separate Philippines-listed entity.

Belle also confirmed on Wednesday it had sold its 34.5 percent of online lottery system provider Pacific Online Systems Corp to Sinophil.


  • tweet
Related articles
  • Kevin Benning starts new senior role at Studio City, Macau
    Kevin Benning starts new senior role at...

    Dec 11, 2020  

  • Pagcor boss affirms some Ent City casinos have PIGO permits
    Pagcor boss affirms some Ent City...

    Dec 09, 2020  

More news
  • Casino op MGM China to pay most staff discretionary bonus
    Casino op MGM China to pay most staff...

    Jan 18, 2021  

  • Casino op Silver Heritage to issue 53mln new shares
    Casino op Silver Heritage to issue...

    Jan 18, 2021  


Latest News

Casino op MGM China to pay most staff discretionary bonus

Casino op MGM China to pay most staff discretionary bonus

Jan 18, 2021  

Macau casino operator MGM China Holdings Ltd announced on Monday that it was to pay a “discretionary bonus” to “eligible non-management” staff, adding that “over 90 percent” of its...
Read More
Casino op Silver Heritage to issue 53mln new shares

Casino op Silver Heritage to issue 53mln new shares

Jan 18, 2021  

Grand Korea extends Seoul, Busan casino closures to Feb 1

Grand Korea extends Seoul, Busan casino closures to Feb 1

Jan 18, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The most worrying [thing] is whether [mainland] China will again tighten the issuance of travel visas [for visits to Macau]"

Luiz Lam Kai Kuong

Macau junket investor



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us