Melco Crown Philippines prices follow-on at the top

This allows the company to raise $337 million towards the casino project it is developing together with the SM Group.
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An artist's rendering of Entertainment City in Manila
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<div style="text-align: left;"> An artist's rendering of Entertainment City in Manila </div>

Melco Crown Philippines Resorts Corp will raise at least Ps13.74 billion $337 million from its fully marketed top-up placement after fixing the price at Ps 14 per share the top of the indicated range.

If the 12% overallotment option is exercised in full, the deal size could increase to $377 million. The money will be used mostly towards the $1 billion casino project in Manila’s new Entertainment City gaming hub that the Philippine gaming unit of Macau casino operator Melco Crown Entertainment is developing together with three local partners.

The top-end pricing was no great surprise after sources said the deal had attracted strong demand, particularly from...

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