Belle Corp has ruled itself out of buying out shares in City of Dreams Manila from its joint venture partner Melco Resorts & Entertainment, who is looking at strategic alternatives for its investment in the Philippines.
Since its opening in 2014, Melco leases the land for City of Dreams Manila from Belle Corp and has a revenue share agreement with Belle subsidiary Premium Leisure Corp.
In a Philippine Stock Exchange filing, Belle stated: “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 Chairman and CEO Lawrence Ho said that looking at strategic alternatives was ‘part of a strategy to be asset-light where we can and capitalise on our investments and reallocate our resources. This will allow us to enhance financial flexibility, strengthen the balance sheet and support our long-term growth initiatives.’
The post Belle Corp rules itself out of full City of Dreams ownership appeared first on G3 Newswire.
Belle Corp has ruled itself out of buying out shares in City of Dreams Manila from its joint venture partner Melco Resorts & Entertainment, who is looking at strategic alternatives for its investment in the Philippines. Since its opening in 2014, Melco leases the land for City of Dreams Manila from Belle Corp and has…
The post Belle Corp rules itself out of full City of Dreams ownership appeared first on G3 Newswire.