Melco is engaged in negotiations with prospective purchasers, handling the bidding phase for City of Dreams Manila.
Exclusive Update! Melco Resorts & Entertainment is in the midst of courtship with prospective buyers for their share in the Philippines' integrated resort, City of Dreams Manila. A whittling-down process is about to begin, with a shortlist of eager suitors set to engage in a bidding war [1][2][4].
It's all part of Melco's new "asset light" strategy, a brazen shift from their traditional model. City of Dreams Manila, a joint venture with local property powerhouse Belle Corp, is on the block [1].
During its 1st Quarter (Q1) 2025 earnings call, Geoff Davis, the Executive Vice President and CFO of Melco, shed some light on their progress: "We're pushing ahead with our advisors. Interested parties are penning non-disclosure agreements (NDAs) and sifting through a barrage of queries. As time goes by, we'll streamline that crowd for the bidding process. We're maintaining close ties with our advisors," Davis shared [3].
There's no concrete revelation of which big-name companies are vying for a piece of the action at the moment, but the anticipation is palpable [1]. The Philippines' burgeoning casino industry shows no signs of slowing down, making this a prime opportunity for ambitious investors ready to roll the dice. Stay tuned for more updates as this tantalizing tale unfolds!
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[1] Philippines[2] Melco Resorts & Entertainment[3] Ben Blaschke, Inside Asian Gaming[4] City of Dreams Manila
- Melco Resorts & Entertainment's share in the City of Dreams Manila, a joint venture with local property powerhouse Belle Corp, is expected to soon be up for sale, following an asset light strategy.
- The shortlisted potential buyers for Melco's stake in City of Dreams Manila are preparing to engage in a bidding war, as outlined by Geoff Davis, the Executive Vice President and CFO of Melco.
- The Philippines' burgeoning casino industry provides an exciting opportunity for ambitious investors, as Melco's City of Dreams Manila prepares to attract several big-name companies in the near future.
