The local gaming unit of Macau’s Melco Crown group has obtained approval from the Securities and Exchange Commission to jack up its authorized capital stock ahead of a $400-million fresh equity offering plan.
Melco Crown (Philippines) Resorts Corp. (MCP), the backdoor-listing vehicle for the local gaming operations of Macau’s Melco gaming group, plans to raise up to $400 million from a fresh equity offering.
A $1.2 billion giant casino was set to open Saturday in the Bay City area of Parañaque City in a high-stakes bid of the Philippines to join the world’s elite gaming destinations.
Macau casino magnate Lawrence Ho said he had no doubt the Philippine gaming industry could be as big as Las Vegas or Singapore in the next five to six years.
Macau casino magnate Lawrence Ho has no doubt that the Philippine gaming industry could be as big as Las Vegas or Singapore’s in the next five to six years.
Cristino Naguiat Jr. is a man visibly relieved. And he has good reason to be.
Bloomberry Resorts Corp., the first gaming firm to open at the country’s future gaming hub Pagcor City, is set to join the 30-company local equities barometer Philippine Stock Exchange index effective March 11.
The Philippines’ burgeoning gaming industry may surpass Singapore’s $5.6-billion gaming market by 2018 on the back of a larger local mass market and likely spillover of foreign high-rollers, foreign bank Credit Suisse said.
Wynn Resorts Ltd. says Kazuo Okada has resigned from its board, potentially ending a long-running dispute between CEO Steve Wynn and the Japanese billionaire.
Amid raging bribery allegations, the Okada group has struck a deal with the Gokongwei group on a Philippine gaming and real estate partnership in the government’s upcoming gaming hub Pagcor City.
The House committee on good government is poised to conduct a parallel investigation into alleged anomalies involving former officials of the Philippine Amusement and Gaming Corp. (Pagcor) amid fresh revelations that a former consultant to the state-run gambling agency had received $30 million from billionaire Japanese casino operator Kazuo Okada.
Gaming firm PhilWeb Corp. is launching a share buy-back program to lift the price of its stock, which according to management still trades below its “intrinsic value.”
