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Casino News:

  Melco Crown project may prove a non-starter

As per a revised government contract published on Wednesday, Melco Crown Entertainment has still not been granted permission to go ahead with its latest project for construction of a casino. Melco Crown holds sixty percent equity interest in the Macau Studio City project that is designated for film facilities and a five star hotel with elaborate details of different revisions of the agreement. However, there is no mention about any casino facilities in spite of the previous statements of the company with their expectations for running four hundred gambling tables at the property. At some later stage, the gambling facility could also be approved by the government, but as of now hurdles have come up due to the uncertainty, putting the company to inconvenience for financing the project. Kerry Packer, the Australian casino-and-media magnate and James Packer & Lawrence Ho; the two sons of Stanley Ho are at the back of Melco Crown that is one of the six license holders in Macau. Two more casino-related properties in the largest gambling center of the world are already being run by Melco Crown that had signed a $360 million agreement to command the Macao Studio City project. Melco Crown has plans to enter the Philippines market too. It has tied up with Belle Corp., a local property developer for a casino resort worth $1 billion in Philippines that is expected to become Manila’s version of the Las Vegas Strip.


   2012-08-03






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