Author Topic: SM and MCE to Build Hotel-Casino in Paranaque City  (Read 528 times)

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SM and MCE to Build Hotel-Casino in Paranaque City
« on: July 07, 2012, 02:23:25 AM »
By Joann Santiago

SM Investments Corp. affiliate Belle Corp. on Friday said it has teamed up with Macau-based Melco Crown Entertainment (MCE) to put up a US$ 1-billion hotel-casino at Aseana Boulevard in Paranaque City.

In a disclosure with the Philippine Stock Exchange (PSE), Belle said its wholly-owned subsidiary, Premium Leisure and Amusement, Inc. (PLAI), on Friday signed a memorandum of agreement (MOA) with MCE in the development and operation of the resort complex.

MCE owns and operates the “City of Dreams” resort complex in Macau and was formed as a joint venture of Melco International Development Ltd. of Hong Kong and Crown Ltd. of Australia.

It is expected to provide not more than US$ 580 million in capital for the project and this will come from cash, cash flow and debt financing.

The disclosure also said that the new consortium would “enter into implementing and definitive agreements within the next two months” in accordance with the requirements of the Philippine Amusement & Gaming Corp, (PAGCOR).

PAGCOR requires the consortium a US$ 650-million minimum investment at the start of the hotel-casino’s commercial operation and a US$ 1-billion capital for the entire project.

Relatively, the consortium asked the local bourse for a trading halt of Belle’s shares from 9-10 a.m. Friday for the public to digest the news of the partnership.

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