Belle, LRWC amend casino partnership to bring in Macau firm
July 31, 2012
MANILA – Leisure & Resorts World Corp. and Belle Corp. told the local bourse they have amended their agreement that will allow the participation of the Macau casino operator Melco Crown Entertainment Ltd. in the development and operation of a $1-billion integrated resort complex at the reclaimed area in Manila Bay.
LRWC, its wholly-owned subsidiary AB Leisure Global Inc., Belle and Premium Leisure and Amusement Inc. executed the memorandum of agreement, paving the way for the entry of the Australian billionaire James Packer and Macau gaming tycoon Lawrence Ho in the Belle Grande Integrated Resort and Casino project.
On Thursday, Belle, an affiliate of Henry Sy-led SM Investments Inc., and PLAI signed a memorandum of agreement for a “collaborative partnership” with Melco “to further enhance the value of the project.”
Belle and PLAI previously entered into an agreement with the LRWC and ABLGI for the operation of the casino complex.
“With the entry of a foreign partner, it was agreed that LRWC and ABLGI will assist Belle in funding its own capital requirements in exchange for a share in the economic benefits to be derived by Belle and PLAI in the casino operation,” said LRWC.
MCE is the owner and operator of the resort complex in Macau known as “City of Dreams”. MCE was initially formed as a joint venture of Melco International Development Ltd. of Hong Kong and Crown Ltd. of Australia.
Belle fully owns PLAI, which was among the four companies granted a provisional license by state-run Philippine Amusement and Gaming Corp. to establish and operate casinos within its planned Entertainment City project.
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