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The Philippines – City of Dreams Manila to cost US$840m

By - 18 June 2014

Melco Crown Philippines Investments is planning to sell shares to raise funds for the extra budget involved in the construction of City of Dreams Manila.

Melco Crown Philippines revealed in a disclosure to the Philippine Stock Exchange that it had raised the budget for its casino resort to P37bn ($840m) from P28bn. It is offloading up to 485.2m shares at 11.30 pesos to 11.70 pesos each.

City of Dreams Manila will be the second of four casino resorts to open in Manila’s Pagcor City, a gaming district being built along Manila Bay.

The directors also approved a placing and subscription transaction which would involve the sale by the company’s controlling shareholder, MCE (Philippines) Investments of certain of its existing common shares in the capital stock of the corporation and the issuance of the same number of common shares in the capital stock of the company to MCE Investments, with such new shares to be listed on the Philippine Stock Exchange as soon as practicable.”

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