Sy family eyeing stake in City of Dreams Manila operator
The SM Group of bilyonaryo Henry Sy Sr. is interested in acquiring a stake in Melco Resorts and Entertainment Corp. (MREC), which operates integrated resort City of Dreams Manila.
The Sy family’s gaming investment arm Premium Leisure Corp. is in “preliminary discussions with Macau casino giant Melco Crown Entertainment for an equity investment in MREC.
Certain affiliated entities of PLC are currently parties to an operating agreement with Melco Resorts Leisure Corp., a subsidiary of MREC.
“Please note that there is no assurance that any transaction will occur and any transaction will be subject to entry into definitive agreements. As these discussions remain preliminary, there is no additional information to be reported by the corporation at this time,” MREC said in a filing with the stock exchange.
PLC has an operating agreement with Melco that entitles it to a 50-percent share of gaming revenue from City of Dreams Manila. It also generates revenue from equipment lease rentals, commission and distribution income through subsidiary, Pacific Online Systems Corp.