{"id":105168,"date":"2019-05-16T22:16:16","date_gmt":"2019-05-17T05:16:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=105168"},"modified":"2019-05-16T22:16:16","modified_gmt":"2019-05-17T05:16:16","slug":"melco-subsidiary-faces-delisting-from-philippine-stock-exchange-unless-it-significantly-ups-number-of-public-shareholders","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/melco-subsidiary-faces-delisting-from-philippine-stock-exchange-unless-it-significantly-ups-number-of-public-shareholders\/","title":{"rendered":"Melco Subsidiary Faces Delisting from Philippine Stock Exchange Unless It Significantly Ups Number of Public Shareholders"},"content":{"rendered":"

Melco Resorts and Entertainment (Philippines) Corporation has less than a month to increase the amount of its stock owned by the public — or it will be delisted from the Philippine Stock Exchange (PSE).<\/p>\n

\"\"
Melco Resorts & Entertainment Ltd CEO and Chairman Lawrence Ho faces a delisting of his Philippines subsidiary from the nation’s stock exchange. (Image: Reuters\/Bobby Yip)<\/figcaption><\/figure>\n

The exchange released a memo on Tuesday warning that as of June 11 Melco\u2019s Philippines subsidiary will be automatically delisted without the required changes.<\/p>\n

Under exchange rules, at least 10 percent of a company\u2019s stock needs to be owned by the public. The investing public only owned 3.9 percent of the subsidiary\u2019s stock as of Dec. 10, according to the Manila Standard<\/em>.<\/p>\n

The company is currently under a six-month suspension imposed by the PSE. It started on Dec. 10, when exchange officials stopped the trading of Melco shares.<\/strong><\/p>\n

The issue involves a tender offer by MCO Investors Ltd.<\/a> That company is Melco\u2019s principle shareholder.<\/p>\n

Last September, MCO was going to delist Melco voluntarily. But after complaints were voiced by smaller shareholders, MCO backed away from delisting.<\/p>\n

A main contention was over the valuation for the tender offer — basically a proposal to sell back investments to shareholders for PHP7.25 (US $0.14) a share.<\/p>\n

Melco officials also questioned the wisdom of remaining on the PSE. Last year, they complained the PSE listing did not help Melco find new revenue.<\/p>\n

Despite the dispute, a tender offer went through and was completed on Nov. 29. It led to the upping of the number of shares owned by MCO.<\/p>\n

As of last December, MCO had 5.462 billion common shares. That represents some 96.1 percent of the company\u2019s stock.<\/p>\n

Melco is best known in the Philippines for operating City of Dreams Manila resort casino located in Entertainment City.\u00a0The $1.3 billion venue opened in 2014.<\/p>\n

It includes six hotel towers and an 18,000-square-foot gaming floor. There are more than 1,600 slot machines and 360 table games.<\/p>\n

Cyprus Expansion Underway<\/h2>\n

Melco Resorts & Entertainment Ltd., which is listed on the Nasdaq stock exchange in the US, is the parent company of Melco Resorts and Entertainment (Philippines) Corporation.<\/p>\n

Another Melco venue is scheduled to open on Cyprus in 2021. Known as City of Dreams Mediterranean<\/a>, the company was to start construction on the $617 million casino resort last month.<\/p>\n

When complete, it will include 100 gaming tables and some 1,000 slot machines. The casino is predicted to become the largest in all of Europe.<\/p>\n

Last July, Melco opened a temporary casino on Cyprus. It features 242 slot machines and 33 gaming tables.<\/p>\n

Hoping for Osaka<\/h2>\n

Melco is also vying for a gaming license in Japan. Company leaders are announcing high amounts they plan to invest there.<\/p>\n

If Melco Resorts & Entertainment were able to capture a license in Japan, CEO and Chairman Lawrence Ho says his company would be willing to invest more than $10 billion, GGRAsia<\/em> reported.<\/strong><\/p>\n

The company appears most interested in opening a venue in Osaka, which is located on the island of Honshu. Initially, Japan is allowing only three new gaming resorts nationwide.<\/p>\n

Currently, Melco operates three venues on Macau: City of Dreams, Studio City and Altira Macau.\u00a0 It also operates Mocha Clubs on Macau, which feature gaming machines.<\/p>\n

Earlier this month, Melco Resorts beat Wall Street expectations in the first quarter of 2019. The casino operator reported $1.36 billion in revenue — or $0.28 per share. That\u2019s a 3.72 percent increase over the same three months in 2018.<\/p>\n

The performance also represents the fourth consecutive quarter that the company beat expectations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Melco Resorts and Entertainment (Philippines) Corporation has less than a month to increase the amount of its stock owned by the public — or it will be delisted from the Philippine Stock Exchange (PSE). The exchange released a memo on Tuesday warning that as of June 11 Melco\u2019s Philippines subsidiary will be automatically delisted without […]<\/p>\n","protected":false},"author":44,"featured_media":105170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nMelco Subsidiary Faces Delisting from Philippine Stock Exchange Unless It Significantly Ups Number of Public Shareholders - Casino.org Melco Subsidiary Faces Delisting from Philippine Stock Exchange<\/title>\n<meta name=\"description\" content=\"Melco Resorts and Entertainment (Philippines) Corporation has less than a month to increase the amount of its stock owned by the public -- or it will be Melco Resorts and Entertainment (Philippines) Corporation has less than a month to increase the amount of its stock owned by the public -- or it will be delisted from the Philippine Stock Exchange (PSE). 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