LWRC unloads City of Dreams Manila stake

Gaming firm Leisure & Resorts World Corp. (LWRC) is unloading its interest in the gaming operations of City of Dreams Manila in favor of Belle Corp.

Under a new agreement, Belle will pay the LWRC group a total of P5.09 billion, with P1.018 billion paid upon signing and the balance at the end of March 2017.

“The proceeds from the transaction are intended to be utilized by the LRWC group on its core businesses,” the disclosure said.

On March 13, 2013, the LRWC Group entered into agreements with the Belle Group which effectively granted the former an interest of up to 30 percent in the Belle Group’s net revenues under its lease and licensee agreements concerning City of Dreams Manila.