Saturday, August 15, 2009

Crown rolls a winner - 15th August 2009

Casino operator Crown's joint venture in Macau, Melco Crown Entertainment, has successfully conducted a $US200 million ($A238 million) equity placement.

The placement will increase to $US220 million if an over-allotment option is exercised.

Crown said yesterday that following the Melco Crown placement, its interest in Melco Crown would be diluted from 36.4 per cent to 33.5 per cent, assuming full exercise of the over-allotment option.

Melco Crown is jointly owned by Crown and Hong Kong-listed Melco International Development. Melco International is substantially owned and led by Lawrence Ho.

Melco Crown operates the Altira Macau (formerly Crown Macau) and the City of Dreams casino resort.

Mr Ho said that year-on-year growth in gaming revenues for the whole of the Macau market had revived in July 2009.

Crown shares closed down 19¢ at $7.33.


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