Melco privatisation plan hits Manila's gambling dream

Macau casino operator ready to pay $210 million to take City of Dreams Manila into its own hands as listing gamble fails to help group raise capital amid weak turnover of shares.
City of Dreams Manila
City of Dreams Manila

Melco Resorts and Entertainment, the Macau-based casino and resort operator owned by Hong Kong billionaire Lawrence Ho Yau-lung, is taking its integrated casino project in the Philippines off the stock market for P11.4 billion $210 million as part of a corporate restructuring at group level.

The Nasdaq-listed casino operator said on Monday it had launched a voluntary tender offer for the 27.23% interest it does not already own in Melco Resorts and Entertainment Philippines, the holding company of the City of Dreams Manila complex.

The privatisation plan reflects tepid trading in its shares, which undermined Melco's hopes of raising capital in the Philippines. It's also a...

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