Melco Crown plans to delist HK shares
Print Edition
CASINO operator Melco Crown Entertainment, a joint venture involving Australian billionaire James Packer, plans to delist its shares in Hong Kong after gambling hub Macau saw its first-ever fall in casino revenues.
Official figures showed gaming revenues fell 2.6 percent year on year to 351.52 billion patacas (US$44 billion) in 2014 — the only decline since annual figures were first released in 2002.
Melco Crown — which owns Macau’s vast City of Dreams resort complex — said it would delist from the Hong Kong stock exchange “for reasons of cost and utility.”
“Maintaining the listing ... requires additional ongoing regulatory compliance obligations and such requirements involve significant additional costs,” Melco Crown said in a statement, adding that the company did not see opportunities to raise additional equity.
The company will retain its listing on the Nasdaq in the US, where its shares closed off 4.88 percent at US$24.16 on Friday.
Melco Crown is a joint venture between Hong Kong businessman Lawrence Ho and James Packer, son of the late Australian media and gambling magnate, Kerry.
The firm, with a market capitalization of close to US$14 billion, owns Macau’s City of Dreams resort complex, which has 1,400 rooms across three hotels located next to major resorts including The Venetian.
Macau is the only part of China where casino gambling is legal, and the industry is dependent on big spenders from the Chinese mainland.
But high-rollers have been reined in by the anti-graft drive, which has seen Chinese President Xi Jinping vow to crack down on corruption across all levels of officialdom.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
