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Tag Archives: Melco International

Cyprus – Cypriot submissions given three month extension

The Legal and the Audit Services in Cyprus have approved a three month extension to finalise casino blueprints following a request from two of the three companies in the second round. The extension will not affect the date that the government is planning to announce its winner though. The three bidders will need to submit…

Korea – Melco to advise New Silkroad Korea on Jeju casino

Melco Gaming Assets Management (Korea) Limited, a wholly-owned subsidiary of Melco International, has entered into a strategic cooperation arrangement with New Silkroad Korea Development Limited, a wholly-owned subsidiary of New Silkroad on the provision of consultancy services for its casino project on Jeju Island, South Korea. Melco is to provide consultancy services to New Silkroad…

China – Packer steps down as Melco Crown’s co-Chairman

Melco Crown Entertainment’s James Packer has relinquished his role as co-chairman with Crown Resorts selling part of its stake to Macau partner Melco International for $US800m. The deal sees Crown’s share in Melco Crown reduced to 27.4 per cent from 34.3 per cent. Mr Packer will take up a new position as deputy chair of…

Spain – MelcoLot to go it alone as Veremonte pulls out of BCN World

Hong Kong-based MelcoLot has confirmed that it ‘remains interested’ in the tender process to operate a casino at BCN World in Barcelona, Spain, despite having severed a deal to bid for a licence with Veremonte España SL. Veremonte is reported to have walked out on the project having missed a second funding deadline and passing…

Russia – Tigre de Cristal opens as first casino in Primorye gaming zone

Melco International has now opened the first phase of Tigre de Cristal, the first casino to open in the Russian gaming zone of Primorye close to the city of Vladivostok. Nearly 5,000 guests, including the governor of Primorye, visited the casino within the first four hours of its soft opening. Phase one of the project…

China – Melco’s profit falls by 88 per cent

Melco International saw its first-half net profit fall by a huge 88 per cent to HK$111.1m from a year ago, due to a decline in contribution from associates. Revenue more than doubled to HK$212.6m in the six months to June. But profits from associates fell dramatically to HK$220.4m from HK$1bn. Lawrence Ho, Group Chairman and…

Georgia – Ho has high hopes of Georgian casino

Lawrence Ho, Co-Chairman of Macau-based operator Melco Crown Entertainment, is looking to open a casino in the Republic of Georgia. According to a filing to the Hong Kong Stock Exchange, Mr. Ho is hoping to secure $50m through the sale of shares in a special purpose vehicle via his Chinese lottery company MelcoLot Limited. He…

Spain – Melco confirms BCN Dream could become reality

Macau casino developer Lawrence Ho has announced to the HK Stock Exchange (HKSE) that Melco International Development has signed a memorandum of understanding with Veremonte Espana of Spain to operate at least one casino as part of the BCN Dream resort being developed near Barcelona. The group stated: “Melco International Development has entered into a…

Russia – Ho increases stake in Vladivostok project

Macau casino developer Lawrence Ho is planning to raise Melco International’s stake in the casino resort development near Russia’s Vladivostok to 85 per cent. Oleg Drozdov who owns a 30 per cent share in the project will sell half his stake for $20.2mto Summit Ascent Holding and Firich Enterprises which will see Summit Ascent, of…