THE M3: MANILA IPO; AUGUST VIP REVENUE

The Macau Metro Monitor, September 5, 2012

MELCO INTERNATIONAL EYES MANILA IPO Macau Business

Melco International Development Ltd is planning a US$300 million (MOP2.4 billion) dual listing on the Manila stock exchange.  The proceeds are to be used in a casino resort in Manila to be developed in a JV between MPEL and Belle Corp, controlled by Philippine billionaire Henry Sy.

MPEL has said its total investment over the course of the project was expected to be no more than US$580 million.


MACAU VIP REVENUE DROPPED 15% Macau Daily News

Industry insiders said VIP business was down 15% YoY in August.  Some VIP operators have suspended lending as a result of high rollers not repaying their loans.  Some VIP clubs with less financial strength have cut jobs and benefits for its staff.