MANILA, Philippines - Macau casino giant Melco Crown Entertainment Ltd. plans to list on the Philippine Stock Exchange to raise funds for the $1-billion casino complex it is building with the SM Group.
SM Investments Corp. Chief Finance Officer Jose Sio said on Thursday Melco could launch its initial public offering before or after the soft opening of the integrated gaming and resort complex expected next year.
"They can create a subsidiary, Melco Philippines, for instance," Sio said.
"It's their listing, not Belle's or SM's... it could happen before the soft launch or immediately after the soft launch," he added.
Henry Sy's Belle Corp. last month formalized a deal with Melco to jointly develop a casino resort in Pagcor's Entertainment City in Paranaque City.
Under the agreement, Belle, whose parent company is SM Investments, will be the owner of the site's land and buildings. Melco, on the other hand, will be the operator of all facilities within the complex.
Both companies are expected to make equal investment contributions to the project.
Belle holds one of four licenses handed out by Pagcor to build a casino worth at least $1 billion each at the Entertainment City in Parañaque. - ANC