Melco Crown Entertainment Limited announces it will change its name to ‘Melco Resorts and Entertainment’, following its decoupling from its joint venture partner, Crown Resorts. The change will be “subject to shareholders’ approval by end March, a company spokesperson said.
The Asian casino operator had reportedly announced its intention to unveil ‘a new corporate entity’ last December.
According to a report from media GGRAsia, Melco International Development Limited, which is headed by Hong Kong-based businessman Lawrence Ho Yau Lung, agreed an arrangement on December 15 that will see it purchase an additional 13.4pc stake in Melco Crown Entertainment Limited from Australian firm Crown Resorts Limited.
Upon completion of the deal, Melco International Development Limited will reportedly hold 51.3pc of Melco Crown Entertainment Limited while Crown Resorts Limited’s stake is to be reduced to only 14pc
“With Melco and Lawrence [Ho] taking majority shares now, we are all thrilled and looking forward to a new corporate entity unveiling this new chapter of the company and reflecting the new energy as well,” Maggie Ma, Corporate Communications And Public Relations Senior Vice-President for Melco Crown Entertainment Limited said.
Melco Crown Entertainment Limited, with its shares listed on the HKSE and its American depositary shares listed on the NASDAQ, is a developer, owner and operator of casino gaming and entertainment resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau, City of Dreams, Mocha Clubs in Macau, and is developing Studio City, a cinematically-themed integrated entertainment in Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila in the Entertainment City.