Corporate News

Belle seals deal with Macau's Melco

Posted on October 25, 2012 01:49:12 PM | BREAKING NEWS

CASINO DEVELOPER Belle Corp. has finalized its earlier-announced partnership with regional casino giant Melco Crown Entertainment, Ltd., handing the latter firm the operating rights for the planned Belle Grande Manila Bay complex in Parañaque City, a disclosure by Belle to the Philippine Stock Exchange (PSE) showed on Thursday.

According to the disclosure, Belle, together with its wholly-owned subsidiary PremiumLeisure and Amusement, Inc., formally inked a “cooperation agreement” with Melco Crown for the development and operation of Belle Grande Manila Bay, Belle’s integrated resort and gaming complex along Diosdado Macapagal Avenue within the Bagong Nayong Pilipino Entertainment City in Manila Bay.

“The cooperation agreement places Belle as a co-licensee and the owner of the site’s land and buildings, while Melco Crown will be a co-licensee and operator of all the facilities within the resort complex. As a result, both Belle and Melco Crown are expected to make equal investment contributions to the project,” the disclosure said.

Melco Crown, a Macau-based firm, started out as a joint-venture between Melco International Development, Ltd. of Hong Kong and Crown Ltd. of Australia, which are owned by the sons of gambling tycoons Stanley Ho and Kerry Packer, respectively, according to its Web site.

Last July, Belle revealed that it has partnered with Melco Crown for the development of its Belle Grande, noting that it was likely to forge a deal within the year. -- Franz Jonathan G. de la Fuente