• 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

Crown Resorts in hedge for any future sell down of MPEL

Mar 29, 2017 Newsdesk Latest News, Macau, Top of the deck, World  


Crown Resorts in hedge for any future sell down of MPEL

Australian casino operator Crown Resorts Ltd on Wednesday said it had agreed an equity swap deal designed to act as a hedge on any future sell down in Asian casino developer Melco Crown Entertainment Ltd. The decision follows a recent upward movement in Melco Crown’s stock price.

“The swap transaction provides the company with a price hedge in respect of any future sale of Melco Crown shares equivalent to the number of MCE ADSs [American depositary shares] referenced in the swap transaction,” said Crown Resorts in its Wednesday announcement to the Australian Securities Exchange.

The filing added that the swap transaction provided for a hedge price of US$18.05 per ADS – equivalent to US$6.02 per Melco Crown share – on any future sale by Crown Resorts of its remaining Melco Crown holding. Crown Resorts currently holds 11.2 percent of Melco Crown.

Crown Resorts stated in its filing that the latest equity swap was for 12 million Melco Crown ADSs, equivalent to 36 million Melco Crown shares and to 2.4 percent of Melco Crown shares outstanding.

The Australian company had previously done a similar cash-settled equity swap deal in relation to 5.5 percent of its holding in Melco Crown, with an average price of US$5.33 per share.

According to Bloomberg data, Melco Crown’s Nasdaq-listed ADS stock has risen 11.9 percent in a fortnight, from US$16.50 on March 13, to US$18.46 at 8.10pm Eastern Daylight Time on March 28.

At the start of May 2016, Crown Resorts – alongside Hong Kong-listed Melco International Development Ltd, controlled by Lawrence Ho Yau Lung – each held a stake of 34.3 percent in Melco Crown. But in early May, Crown Resorts, controlled by James Packer, said it was cutting its holding in Melco Crown to 27.4 percent. Further sell downs in Melco Crown by Crown Resorts occurred in December, ultimately reducing its holding to 11.2 percent.

Nasdaq-listed Melco Crown confirmed to GGRAsia in an email on March 14 it would be changing its name to Melco Resorts and Entertainment.


  • tweet
Related articles
  • Galaxy Ent hires ex-Melco executive Ted Chan for Japan
    Galaxy Ent hires ex-Melco executive Ted...

    Apr 12, 2018  

  • Melco Resorts US$5mln share grant to Lawrence Ho
    Melco Resorts US$5mln share grant to...

    Apr 04, 2018  

More news
  • Wolstenholme named COO at Vietnam’s Hoi An project
    Wolstenholme named COO at Vietnam’s...

    Apr 26, 2018  

  • Asia Pioneer parent expecting 1Q loss
    Asia Pioneer parent expecting 1Q loss

    Apr 26, 2018  


Latest News

Wolstenholme named COO at Vietnam’s Hoi An project

Wolstenholme named COO at Vietnam’s Hoi An project

Apr 26, 2018  

Hoi An South Development Ltd has appointed Steve Wolstenholme (pictured in a file photo) as group chief operating officer (COO) for its Hoiana project, a US$4-billion casino resort located 30...
Read More
Asia Pioneer parent expecting 1Q loss

Asia Pioneer parent expecting 1Q loss

Apr 26, 2018  

U.S. operator Century Casinos dips toe in Vietnam

U.S. operator Century Casinos dips toe in Vietnam

Apr 26, 2018  

Slideshow

Macau casinos celebrate Chinese New Year

Interviews

  • BMM prepped for Macau EGM regulation update: White
    BMM prepped for Macau EGM regulation update: White

    Jan 04, 2018  

    BMM Testlabs “ticks all the boxes” with regard to its...
  • Japan, Cambodia, Vietnam casino biz to watch: Klebanow
    Japan, Cambodia, Vietnam casino biz to watch: Klebanow

    Dec 08, 2017  

    The regulated casino industry is well versed in dealing...
  • Cloud services, e-Sports highlights of MGS 2017: Chun
    Cloud services, e-Sports highlights of MGS 2017: Chun

    Oct 23, 2017  

    The presence of some of the leading cloud computing...
  • Crunch time for Tokyo casino option: Caesars exec
    Crunch time for Tokyo casino option: Caesars exec

    Jul 11, 2017  

    The Tokyo local election setback for Japan’s governing...
  • Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo
    Suncity bets on Vietnam, resurgent Macau VIP: Andrew Lo

    Jul 06, 2017  

    A multibillion U.S. dollar casino project on Vietnam’s...

Pick of the Day


US$1.46 billion

Las Vegas Sands’ net income for the first quarter of 2018



Most Popular

  • Macau regulator approves Lucky 6 side bet for baccaratMacau regulator approves Lucky 6 side bet for baccarat April 25, 2018
  • Wynn Macau Ltd profit doubles, peninsula revamp soonWynn Macau Ltd profit doubles, peninsula revamp soon April 25, 2018
  • Macau Legend plans min US$300-mln further Laos inputMacau Legend plans min US$300-mln further Laos input April 24, 2018

Copyright 2017 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us