The company says it has no plans to buy out Melco’s interests in the resort.
The Philippines.- Belle Corp. has announced through a company filing that it has no intention to acquire Melco Resorts & Entertainment’s interests in City of Dreams (COD) Manila in the near future. The company issued the statement after an article in the Philippine Daily Inquirer suggested that Belle Corp would be the “most logical buyer” of City of Dreams if Melco chose to leave the deal under which it operates the gaming area of the integrated resort.
The article cited unnamed sources saying that Belle would be interested “if the price were right”. However Belle Corp said in a statement: “Please be advised that while Belle is not in a position to confirm the accuracy of the statements about a possible exit of Melco from the Philippines, it can confirm that any buy-out of Melco’s interests in COD Manila is not part of Belle’s plans for the immediate future.”
Melco issued a statement on Friday (February 28, saying that it was evaluating potential strategic alternatives for COD Manila. The company said it had retained CBRE Capital Advisors and Moelis & Company as financial advisors to assist in the process of exploring potential strategic alternatives.
The statement reads: “No decision has been made regarding any strategic alternative and there can be no assurance that the exploration of potential strategic alternatives will result in any transaction. Melco does not intend to comment on or provide updates in relation to this process unless and until it determines that further disclosure is appropriate or required.”
In January, Armin Raquel Santos, president and CEO of Belle Corp, said that he was optimistic about the company’s growth prospects, and the Philippine gaming market. He said he saw Clark, Pampanga, as the next gaming and tourism hub in the country and added that Belle continues to explore ventures and high-growth opportunities.
The company says it has no plans to buy out Melco’s interests in the resort. The Philippines.- Belle Corp. has announced through a company filing that it has no intention to acquire…
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