elco Crown Entertainment, run by Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho, recently signed a deal with Belle Corp in the Philippines to develop and operate a us$ 1 billion Entertainment City casino resort. It aims to open the resort in mid-2014.
That project is Melco's first casino outside its home base Macau and one of the biggest Chinese investments in the Philippines. The share offer comprises a base of 1 billion shares with an over allotment option of 200 million shares. Citigroup and UBS are managing the offer, the report said.