After announcing just before Christmas that it intended to unveil “a new corporate entity” before the end of 2017, Asian casino operator Melco Crown Entertainment Limited has now reportedly settled on a name and hopes to soon change its designation to Melco Resorts And Entertainment.
According to a report from Asia Gaming Brief, the name-change effort follows a recent deal that saw parent firm Melco International Development Limited purchase an additional 13.4% stake in Melco Crown Entertainment Limited from Australian firm Crown Resorts Limited. This agreement gave the company headed by Hong Kong-based businessman Lawrence Ho Yau Lung a 51.3% stake in Melco Crown Entertainment Limited while its Melbourne-headquartered partner’s interest was reduced to only 11.2%.
Melco Crown Entertainment Limited, which operates the Studio City Macau and City Of Dreams Manila properties and recently unveiled plans to bring a multi-billion-dollar gambling-focused venue to the Japanese city of Osaka, reportedly explained that the change of name is part of this de-coupling from its Australian former joint partner and will only become official after receiving the approval of shareholders at a meeting later this month.
“With Melco [International Development Limited] 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, told GGRAsia in December.
Melco Crown Entertainment Limited, which additionally runs the City Of Dreams Macau and Altira Macau developments, recently reported that its net revenues for the fourth quarter of 2016 had risen by 13% year-on-year to $1.19 billion while adjusted property earnings before interest, taxation, depreciation and amortization had increased by 29% to hit $304.3 million. This saw the firm transform a deficit of $12.3 million for the final three months of 2015 into a net profit of $43.3 million for the fourth quarter of last year.