City of Dreams Manila junior investor gives dividend
The board of Leisure and Resorts World Corp – a minority investor in Manila’s under-construction City of Dreams Manila casino resort (pictured in a rendering) via a unit called AB Leisure Global Inc – has approved a dividend to stockholders of PHP0.0425 (US$0.00095) per share.
The dividend, recommended on Wednesday, is based on the company’s unappropriated retained earnings and is payable on January 6, 2015, to shareholders of record as of December 11.
The shell of City of Dreams Manila – previously known as Belle Grande Manila Bay – was developed initially by a company controlled by the family of Filipino Chinese billionaire Henry Sy. The property, due to have a first phase soft opening in December, will be managed by a unit of Macau casino operator Melco Crown Entertainment Ltd.
Leisure and Resorts World is also the parent of First Cagayan Leisure and Resort Corp, the exclusive master licensor for the Cagayan Economic Zone Authority, the online gaming jurisdiction in the Philippines operating in the Cagayan Special Economic Zone.
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