Operator News
Macau – Melco continues path towards Studio City IPO
By Phil - 21 August 2018
Macau operator Melco has confirmed it is making progress towards launching an Initial Public Offering of shares in Studio City, its cinema-themed casino resort on Cotai.
Melco Resorts owns 60 per cent of Studio City with the rest being owned by New Cotai.
Melco Resorts stated: “Studio City, the Hollywood-inspired, cinematically-themed integrated entertainment, retail and gaming resort, today provides an update to its announcement made on August 14, 2017 regarding the confidential submission of a draft registration statement for the proposed initial public offering (IPO) of American Depositary Shares (ADSs) representing ordinary shares of Studio City. Studio City has been continuing its preparations for the proposed IPO, which is expected to commence as market conditions permit and remains subject to the US Securities and Exchange Commission (SEC) declaring the registration statement effective.”
The operator added that the shares ‘may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.’
“Following completion of the proposed spin-off, the company’s interest in Studio City will be reduced although it is intended that the company will remain as Studio City’s majority shareholder after the IPO,” it added.
