LISTED firm Belle Corp. said it has no plans to buy out Melco Resorts & Entertainment Ltd.’s stake in the City of Dreams Manila integrated resort in Parañaque City.
“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 buyout of Melco’s interests in City of Dreams Manila is not part of Belle’s plans for the immediate future,” Belle said in a regulatory filing on Monday.
Belle issued the statement in response to a news report suggesting that the company was willing to buy out Melco’s stake in City of Dreams Manila, depending on the price.
Melco, a global developer and operator of integrated resorts, previously said it had retained CBRE Capital Advisors, Inc. and Moelis & Company LLC as financial advisors to explore possible strategic alternatives for City of Dreams Manila.
City of Dreams Manila, a luxury integrated casino resort, is leased to Melco’s subsidiary, Melco Resorts Leisure (PHP) Corp., which has an operating agreement with Premium Leisure Corp. (PLC) subsidiary Premium Leisure and Amusement, Inc. PLC is a subsidiary of Belle.
Belle, one of the portfolio investments of Sy-led conglomerate SM Investments Corp., is also the developer of the club, golf facilities, and residential communities of Tagaytay Highlands and Tagaytay Midlands in Tagaytay City.
On Monday, shares of Belle Corp. fell 0.65% or one centavo to P1.53 apiece. – Revin Mikhael D. Ochave
