Asian casino operator Melco Resorts and Entertainment Limited has reportedly filed a motion with the United States Securities and Exchange Commission that could see its Studio City International Holdings Limited subsidiary launch an initial public offering.

According to a Tuesday report from Asia Gaming Brief, Hong Kong-listed Melco Resorts and Entertainment Limited, which was known as Melco Crown Entertainment Limited until an early-April name-change, is responsible for a 60% stake in Studio City International Holdings Limited while the remainder is held by local partner New Cotai Holdings.

Asia Gaming Brief reported that Studio City International Holdings Limited runs the operator’s Hollywood-themed Studio City Macau integrated casino resort in the Cotai Strip neighborhood of Macau, which opened in 2015 at a cost of about $2 billion.

An advisory note from brokerage firm Sandford C Bernstein Limited cited by Asia Gaming Brief reportedly explained that no public documentation has yet been made available regarding the move as it was filed confidentially with the United States Securities and Exchange Commission.

Sandford C Bernstein Limited reportedly also speculated that the move could be a way for New Cotai Holdings to dispose of its stake in Studio City International Holdings Limited while moreover providing both parties with a way to “gauge valuation and interest”.

“The initial public offering, if it were to happen, does not make much sense to us at this stage from the perspective of [Melco Resorts and Entertainment Limited],” read the note from Sandford C Bernstein Limited. “It further creates complexity for [Melco Resorts and Entertainment Limited], a company which is already complicated by Macau standards.”

Sandford C Bernstein Limited reportedly declared that Melco Resorts and Entertainment Limited may moreover be prepared to buy all of New Cotai Holdings’ shares in Studio City International Holdings Limited. However, it purportedly noted that the “current performance and structure” of Studio City Macau would see any such deal carried out at a “substantial discount” to its own valuation of the enterprise.

“Perhaps New Cotai [Holdings] is finally selling at whatever price and [Melco Resorts and Entertainment Limited] isn’t offering anything appealing, so trying this route,” read the note from Sandford C Bernstein Limited.