Belle, Melco Crown ink deal for $1B hotel-casino complexBy Paolo G. Montecillo |Philippine Daily Inquirer
Listed Belle Corp. and Macau casino giant Melco Crown Entertainment Ltd. (MCE) have finalized their deal for the operation of the $1-billion Belle Grande hotel and casino, which is being built at the Pagcor Entertainment City in Parañaque City.
In a disclosure, Belle said its subsidiary, PremiumLeisure and Amusement Inc., closed the transactions under a previous cooperation agreement with MCE Leisure Corp., MCE Holdings Corp. and MCE Holdings No. 2 Corp. The three firms are indirect subsidiaries of MCE, which is listed on the Hong Kong Stock Exchange.
The two groups signed an operating agreement for the integrated casino, hotel, retail and entertainment complex on Diosdado Macapagal Ave. The complex is scheduled to open this year.
“Belle and related parties in the Philippines and MCE Leisure and its affiliates, as co-licensees, are expected to make equal investment contributions to the project,” the disclosure read.