Melco Crown (Philippines) Resorts Corp announced on Thursday it is seeking to raise as much as 5.48 billion pesos (US$125 million) selling shares.
The company said in a filing to the Philippine Stock Exchange it is selling as many as 485.2 million shares at an offer price of 11.30 pesos.
Melco Crown Philippines, a subsidiary of Macau gaming operator Melco Crown Entertainment Ltd, said the deal would allow it to raise capital for the completion of City of Dreams Manila.
The company announced on Wednesday the total budget for the casino resort up to the time of opening increased from US$680 million to approximately US$832 million. It did not provide a reason for the 22-percent hike.
The project is officially scheduled to open “in 2014″. Armin Santos, executive vice president for integrated resorts at Melco Crown Philippines’s local partner Belle Corp, confirmed to GGRAsia during the Global Gaming Expo (G2E) Asia 2014 last month that the partners’ aim is to open City of Dreams Manila in October to coincide with China’s Golden Week holiday. Belle is controlled by SM Group, headed by Henry Sy, patriarch of the Philippines’ richest family. The property will be operated by Melco Crown Philippines.
Melco Crown shares were suspended since Wednesday at the company’s request. The company said it seeks to resume trading in the shares on Thursday.
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”Momentum is expected to grow as mainland China recently reopened its borders, and this presents a substantial growth potential for us as historically a large portion of our clientele came from China”
Non-executive chairman of Donaco International