Six weeks after Asian casino operator Melco Crown Entertainment Limited officially changed its name to Melco Resorts and Entertainment Limited and its Melco Crown (Philippines) Resorts Corporation subsidiary is set to follow suit by re-branding itself as Melco Resorts and Entertainment (Philippines) Corporation.
The Manila-based operator behind the City Of Dreams Manila property, Melco Crown (Philippines) Resorts Corporation announced the alteration, which will take effect from May 30, via a short filing with the Philippines’ Securities and Exchange Commission while additionally revealing that the name of its stock ticker on the Philippine Stock Exchange is to subsequently change from “MCP” to “MRP”.
Melco Resorts And Entertainment Limited, which is also responsible for the Studio City Macau, City Of Dreams Macau and Altira Macau venues, was established in 2004 as a joint partnership between Australian casino operator Crown Resorts Limited and Hong Kong-based Melco International Development Limited. It opened the $1.3 billion City Of Dreams property in the Entertainment City district of Manila through its local Melco Crown (Philippines) Resorts Corporation subsidiary in 2014 and recently unveiled plans to bring a multi-billion-dollar gambling-focused venue to the Japanese city of Osaka.
The name changes follow a recent decision by Melbourne-based Crown Resorts Limited to offload its remaining 11.2% stake in Hong Kong-listed Melco Resorts And Entertainment Limited to majority shareholder Melco International Development Limited, which is controlled by billionaire businessman Lawrence Ho Yau Lung, in order to better concentrate on its own domestic casino market.
According to a report from the Chinese-language Macao Daily News, Melco Resorts and Entertainment Limited moreover intends to re-style the Crown Towers hotels at its City Of Dreams Manila and City Of Dreams Macau properties with its own brand while it has already renamed the Hard Rock Hotel at the latter as The Countdown.