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Melco prepares $340M back-up credit facility for PH gaming unit

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Casino dealers work on their respective games. AP File Phone.

The Melco Crown group of Macau is preparing a back-up credit facility worth as much as $340-million for its Philippine gaming unit in case a previously announced private debt offering isn’t completed as intended by the end of January in 2014.

Posted: December 26th, 2013 in Latest Business Stories | Read More »

Melco Crown hikes investment in casino project ‘City of Dreams Manila’

Lawrence Ho (center), chief executive officer Melco Crown Entertainment; James Parker (right), co-chairman of Melco Crown; and Clarence Chung Yuk Man, chairman, Melco Crown (Philippines), attend the launch of the project "City of Dreams" in Manila on Wednesday, Oct. 9, 2013.  AFP

Macau developer Melco Crown Entertainment is raising its investment in a $1-billion casino project in the Philippines to offer more gaming tables and luxury hotel rooms, the company said Wednesday.

Posted: October 10th, 2013 in Latest Business Stories | Read More »

Melco ups ante in casino, tourism venture in PH

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The group of tycoon Henry Sy and the Melco Crown group of Macau unveiled Wednesday a $1.3-billion integrated tourism and gaming venture at Pagcor Entertainment City—an estate rebranded as “City of Dreams Manila,” which is expected to open by the middle of next year.

Posted: October 10th, 2013 in Editor's Pick,Headlines | Read More »

Japan set to take casino gamble

Casino dealers work on their respective games. AP File Phone.

A group of Japanese lawmakers are close to hitting the jackpot in their bid to legalise casinos, betting the revenue bonanza could challenge Macau for the title of global gaming powerhouse.

Posted: June 9th, 2013 in Latest Business Stories | Read More »

Manila, Macau forge air service agreement

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The Philippines late Thursday sealed an air service agreement with Macau that would effectively increase the number of passengers ferried to either destinations.   In a text message, Civil Aeronautics Board (CAB) Executive Director Carmelo Arcilla said that the agency signed a memorandum of understanding that would increase the number of seat entitlements between Manila [...]

Posted: June 7th, 2013 in Headlines | Read More »

Macau hosts Asia’s largest gaming expo

Gambling machines are displayed at the Global Gaming Expo Asia, a three-day fair of gambling innovations at the glitzy Venetian hotel in Macau on May 21, 2013. The largest gaming event in Asia, showcasing the industry's latest products, services and technologies, is taking place amid a decline in growth rates in the former Portugese colony's gaming industry as China's economic boom slows. AFP  / Philippe Lopez

Casino industry leaders met in the world’s biggest gambling hub of Macau on Tuesday for the Global Gaming Expo Asia, a three-day fair of gambling innovations at the glitzy Venetian Macau hotel.

Posted: May 22nd, 2013 in Latest Business Stories | Read More »

SEC OKs hike in Melco Crown’s authorized capital stock

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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.

Posted: April 10th, 2013 in Latest Business Stories | Read More »

Belle, Melco Crown ink deal for $1B hotel-casino complex

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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.

Posted: March 14th, 2013 in Headlines | Read More »

Wynn Resorts sets vote to oust Okada from board

Kazuo Okada (left) and Steve Wynn during happier days.  Wynn Resorts called on shareholders Monday, Feb. 4, 2013, to eject the Japanese tycoon from the Wynn board of directors in a special vote scheduled on Feb. 22.  AP FILE PHOTO

Gaming giant Wynn Resorts called on shareholders Monday to eject Japanese tycoon Kazuo Okada from the Wynn board of directors in a special vote scheduled on Feb. 22.

Posted: February 5th, 2013 in Latest Business Stories | Read More »

Macau casino revenue in 2012 rose to $38 billion

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The complex of Galaxy Macau is illuminated in Macau in this May 15, 2011, file photo. Casino revenue in Macau climbed 13.5 percent in 2012 to a record $38 billion, as the Asian gambling hub reinforced its position as the world's biggest gambling market.  AP/VINCENT YU

Casino revenue in Macau climbed 13.5 percent last year to a record $38 billion, as the Asian gambling hub reinforced its position as the world’s biggest gambling market.

Posted: January 2nd, 2013 in Latest Business Stories | Read More »

Macau grapples with booming casino economy

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A gambling-school’s students practice on a table in Macau, China. The students sitting around the roulette table are getting schooled on how to quickly calculate payoffs for the casino game by glancing at how the bets are placed.  AP PHOTO/VINCENT YU

In a nondescript building around the corner from the world’s biggest casino, students at the Macau Polytechnic Institute are in class. Huddled at a long table topped with green felt, they pay close attention as their instructor writes a series of diagrams and numbers on a whiteboard.

Posted: November 22nd, 2012 in Latest Business Stories | Read More »

AirAsia cancels Palawan, Macau flights

CLARK_KL_PHilippinesAirAsia

Citing “cost pressures,” the Philippines’ AirAsia has announced that it is suspending its flights to Puerto Princesa City and Macau via the Clark International Airport (CIA) here starting Dec. 1.

Posted: October 24th, 2012 in Latest Business Stories | Read More »

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