Corrs Chambers Westgarth has advised NASDAQ-listed Melco Crown Entertainment Limited on the acquisition of a 60 per cent interest in the Macau City Studio Project.
MCE is a developer and owner of casino gaming and entertainment resort facilities focused on the Macau market. Its existing properties include the Altira Macau, a casino hotel located at Taipa, and City of Dreams, an integrated urban casino resort on Cotai, Macau. MCE has strong support from both of its major shareholders, Melco International Development Limited (substantially owned and led by Co-Chairman and CEO Mr. Lawrence Ho) and Crown Limited (led by Co-Chairman Mr. James Packer).
Over the last few months, the Corrs team has worked with MCE on its debut RMB2.3 billion “dim sum” bond and the refinancing of some US$1.75 billion of City of Dreams project debt. This followed on from work on the group’s US$600 million debut high yield bond.
MCE will be developing the Macau Studio City Project together with existing investors Silver Point Capital and Oaktree Capital Management.
In a recent statement Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment said: “The proposed acquisition of a majority stake in the Macau Studio City project provides a unique opportunity for MCE to meaningfully increase its footprint in Macau and generate incremental value for shareholders.”
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