Asian gaming and entertainments giant, Melco International Development Limited, has reportedly announced that it will be de-listing its Melco Resorts and Entertainment (Philippines) Corporation subordinate from the Philippine Stock Exchange as of tomorrow.
According to an official report, Melco (Philippines) is responsible for the City of Dreams Manila integrated casino resort and was last month warned that it was facing the prospect of being forcibly de-listed unless it was able to float at least 10% of its shares in advance of a Tuesday deadline.
GGRAsia reported that Melco Resorts and Entertainment (Philippines) was suspended from the Philippine Stock Exchange in early-December for similarly failing to meet the exchange’s minimum public ownership rules but will now be voluntarily de-listed with only about 2.1% of its shares available to the investing community.
Melco Int’l reportedly first applied for permission to take Melco Resorts and Entertainment (Philippines) Corporation off of the Philippine Stock Exchange in September as part of a $206.6 million buy-back plan that was to see the casino operator become a wholly-owned subsidiary. But, the Hong Kong-listed parent controlled by casino magnate Lawrence Ho Yau Lung encountered shareholder resistance and was subsequently forced to abandon this scheme.
For its part, Melco Int’l is also the majority owner of Macau casino behemoth, Melco Resorts and Entertainment Limited, which runs the Studio City Macau, Altira Macau and City of Dreams Macau integrated casino resorts as well as the Mocha Clubs chain of electronic gaming machine parlors, and is partnering with a local concern to build the $648 million City of Dreams Mediterranean development in Cyprus.
Ho and his family currently hold about 55.8% of the shares in Melco (Philippines) and last month unveiled a plan to spend around $1.22 billion in order to acquire a 19.99% stake in Australian operator, Crown Resorts Limited.