Melco Crown is now Melco Resorts and Entertainment
In an email to GGRAsia, the company said the change will be “subject to shareholders’ approval by end March.” The message gave no further information regarding the reason. Melco Crown Entertainment Limited shares ticked up 2.55% to $16.92 on Tuesday.
A late December filing by Melco Crown to the US Securities and Exchange Commission said the firm would be announcing "a new corporate entity” following a series of sell downs by Australian casino firm Crown Resorts regarding the latter’s holding in Melco Crown.
The sell downs resulted in the other Melco Crown partner, Melco International Development Ltd, led by Lawrence Ho Yau Lung – assuming majority ownership in Melco Crown.
Crown Resorts said in its half-year results published in late February that its interest in Melco Crown had been reduced to 11.2 % following its most recent sell down, completed on February 16.
A January note from brokerage Sanford C. Bernstein had suggested the Melco Crown brand "lacks the same recognition as some of its Macau competitors”.
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