Melco expands

Melco seals deal to build second Cotai casino

Melco Crown takes a controlling stake in the developer of the Macau Studio City project for $360 million.
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Melco's City of Dreams includes Crown, Grand Hyatt, Hard Rock and Dragone Hotels, and a 420,000sqf casino (Eyepress News)
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<div style="text-align: left;"> Melco's City of Dreams includes Crown, Grand Hyatt, Hard Rock and Dragone Hotels, and a 420,000sqf casino (Eyepress News) </div>

Developer and casino operator Melco Crown announced yesterday that it would take a 60% equity interest in the developer of the Macau Studio City project for $360 million.

Macau Studio City is a large integrated gaming, retail and entertainment resort that was initially started in 2007, but has been on hold since its original owners ended up in a bitter legal battle.

It is now set to be jointly revived by Melco and New Cotai Holdings, which is an entity controlled by funds managed by Silver Point Capital and Oaktree Capital Management.

Macau is the only place China legally allows its citizens to gamble...

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