THE M3: MPEL/BELLE

The Macau Metro Monitor, September 7, 2012

MELCO CROWN AND BELLE STILL NEGOTIATING Macau Business

MPEL and Philippine partners SM Investments Corp and Belle Corp have yet to formally close the deal on a joint venture to develop a casino in Manila.  MPEL announced on July 5 that it had entered into a memorandum of agreement with Belle and added that a final agreement between both parties would be finalised within the next two months.  The deadline has expired on Wednesday.

According to GamblingCompliance, negotiations are still going on.  “There are still some more or less routine things that have to be worked out pertaining to permits and similar things with the Philippine authorities. We don’t anticipate any problems as those things can take some time,” Manuel Gana, executive vice president and CFO of Belle Corp, told GamblingCompliance yesterday.