• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

No final plans on Sinophil share sale: Belle

Sep 05, 2014 Newsdesk Latest News, Philippines, Top of the deck  


No final plans on Sinophil share sale: Belle

Philippine casino investor Belle Corp on Friday told the Philippine Stock Exchange it has not decided on the “timing or size of any potential secondary offering” for its shares in Sinophil Corp.

On Wednesday financial media outlets reported Sinophil had started pre-marketing such an exercise.

But on Friday the parent Belle said in a filing: “The company is working closely with [brokerage] CLSA to review its options, but no details have been decided or finalised at this time regarding the timing and size of any potential secondary offering.”

Belle announced in June it would reorganise its gaming assets under Sinophil, including Belle’s 100-percent ownership of Premium Leisure and Amusement Inc (PLAI). The latter firm holds the casino licence for the City of Dreams Manila gaming resort (pictured in an artist’s rendering).

Sinophil is set to earn money from the under-construction City of Dreams Manila via PLAI.

City of Dreams Manila is Belle’s joint venture project with Macau-based casino operator Melco Crown Entertainment Ltd. The casino property is forecast to open in the fourth quarter of this year.

Sinophil is currently awaiting regulatory approval for a change of name to Premium Leisure Corp. On Monday it announced it would adopt a dividend policy of “paying at least 80 percent of [the] previous year’s unrestricted retained earnings”.

Monday’s announcement said Belle currently had 50.4 percent of Sinophil but was due to enlarge its holding to about 90 percent via subscription to new shares.

Willy Ocier, Belle’s vice chairman and also chairman of Sinophil, on July 21 told GGRAsia that is was “not necessary” for Belle to own 90 percent of Sinophil, and that it was likely a portion of the 90 percent (as eventually enlarged) would be sold to the public.

In July Belle Corp sold to Sinophil for approximately PHP10.85 billion (US$250.6 million) in cash its equity interest in PLAI.


  • tweet
Related articles
  • Ent City Manila maybe US$4bln GGR in 2023: consultancy
    Ent City Manila maybe US$4bln GGR in...

    Mar 09, 2023  

  • Melco strong Macau biz Jan-Feb, Studio City phase 2 in 2Q
    Melco strong Macau biz Jan-Feb, Studio...

    Mar 02, 2023  

More news
  • Philippines must strengthen junket AML controls: watchdog
    Philippines must strengthen junket AML...

    Mar 22, 2023  

  • Vietnam’s Hoiana says has several partners to bring biz
    Vietnam’s Hoiana says has several...

    Mar 22, 2023  


Latest News

Philippines must strengthen junket AML controls: watchdog

Philippines must strengthen junket AML controls: watchdog

Mar 22, 2023  

Anti-money laundering (AML) controls in the Philippines’ casino sector need to be strengthened, says an analysis report by the country’s AML watchdog. The body pointed the finger at the junket...
Read More
Vietnam’s Hoiana says has several partners to bring biz

Vietnam’s Hoiana says has several partners to bring biz

Mar 22, 2023  

Jennifer Kartono named chief HR officer of Crane NXT

Jennifer Kartono named chief HR officer of Crane NXT

Mar 22, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We are seriously considering the privatisation of all Pagcor-operated casinos”

Alejandro Tengco

Chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor)



Most Popular

  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau ops getting overseas visitors via private jets: reportMacau ops getting overseas visitors via private jets: report March 21, 2023
  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Casino op SJM 2024 EBITDA to hit US$510mln: Moody’sCasino op SJM 2024 EBITDA to hit US$510mln: Moody’s March 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us