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Melco Crown Philippines seeks 125 mln selling stock

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Melco Crown Philippines Resorts Corp said on Thursday it was seeking to raise 5.48 billion pesos ($125 million) of shares for sale.

The company said in a filing with the Philippine Stock Exchange that it was selling 485.2 million shares at an offer price of 11.30 pesos.

Melco Crown Philippines, a subsidiary of Macau game operator Melco Crown Entertainment, said the deal would help finance the completion of City of Dreams Manila.

The company announced on Wednesday that its total budget for casino resorts up to the time of opening had increased from $680 million to about $832 million. It did not provide a reason for the 22 per cent increase. 바카라사이트

The project will officially be held in 2014. Armin Santos, executive vice president of integrated resorts at Melco Crown Philippines' local partner Belle Corp, confirmed to last month that the partner's goal is to open City of Dream Manila in October in time for China's Golden Week holiday. Bell is controlled by the SM group led by Henry City, the head of the richest family in the Philippines. The property will be operated by Melco Crown Philippines.

Melco Crown shares have been suspended since Wednesday at the company's request. The company said on Thursday it was trying to resume trading in the stock.

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