A final deal would be finalised within the next two months
Melco Crown and Belle still negotiating
2012-09-10
Reading time 35 seg
(Philippines).- Melco Crown Entertainment and Philippine partners SM Investments and Belle Corp have yet to formally close the deal on a joint venture to develop a casino in Manila. Melco Crown announced on July 5 that it had entered into a memorandum of agreement with Philippine leisure firm Belle Corp to develop a casino resort in a Manila.
At the time, it added that a final agreement between both parties would be finalised within the next two months. However, the deadline expired last Wednesday.
According to gaming consulting GamblingCompliance, negotiations are still going on.
“There are still some more or less routine things that have to be worked out pertaining to permits and similar things with the Philippine authorities. We don’t anticipate any problems as those things can take some time,” Manuel Gana, executive vice president and CFO of Belle Corp, told GamblingCompliance last week.
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