Belle Corp not in the mix to buy the Philippines’ $1 billion dollar mega resort City of Dreams Manila
Co-developer and owner alongside Melco Resorts & Entertainment, Belle Corp says it has no plans to aquire the City of Dreams Manila – the $1 billion dollar super resort which opened in Manila’s casino district in 2015.
Melco is said to be looking to sell off one of its bit six gaming resorts in order to free up capital for a move into the new casino market in Thailand, which we covered here on Readwrite recently.
Following the approval of the Thai bill through Parliament, Melco was the first global operator to immediately open an office in Bangkok, according to a report in Intergame.
Belle issued a statement saying it, “is not in a position to confirm the accuracy of the statements about a possible exit of Melco from the Philippines. (But) it can confirm that any buyout of Melco’s interests in COD Manila is not part of Belle’s plans for the immediate future.”
While not completely writing off the possibility, it certainly sounds like there is nothing imminent on the horizon, and with the landscape moving forward quickly in Thailand, it is unclear whether this sort of deal could happen in time for the ambitious Melco.
The Philippine Star reports that the developer may have waived its first refusal on any deal, “to let Melco learn the hard way on the open market. Let Melco taste the bitter fruit of rejection and sulk back to the negotiating table,” which sounds suitably dramatic.
In the final quarter of 2024, City of Dreams Manila posted total operating revenue figures of $591.1 million, up from $559.8 million in 2023. In the Q4 earnings call last month, Melco chairman and CEO Lawrence Ho was quoted as saying it was, “part of our strategy to be asset-light where we can and capitalise on our investments and reallocate our resources. This will allow us to enhance financial flexibility, strengthen the balance sheet and support our long-term growth initiatives.”
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