The Macau Metro Monitor, January 30, 2013
GAMING LAW DRAFT TO BE SENT TO EXECUTIVE YUAN: MOTC HEAD China Post
A gaming law draft will soon be sent to the Executive Yuan, Minister of Transportation and Communications Mao Chi-kuo announced yesterday. Mao said that the draft was based on a premise of strict regulation of gaming businesses that will be legally allowed once the legislation is passed at the Legislative Yuan. There are two laws in the draft, according to Mao. One is “Tourism Casino Management Regulation” and another one is called the “Gaming Management Bureau Organization Act.”
Administrative Deputy Minister Chen Jian-yu of the Ministry of Transportation and Communications (MOTC) said that many departments under the MOTC proposed different options during the discussion regarding the amendment. “One of the departments proposed an idea that the future gaming authority could be under the supervision of the MOTC or under another ministry....We hope to attract international gamblers to the casinos instead of domestic gamblers,” said Chen
MCE FINANCE LIMITED ANNOUNCES PRICING OF SENIOR NOTES OFFERING MPEL
The offering consists of US$1,000 million aggregate principal amount of 5.00% senior notes due 2021. The notes were priced at 100.00% of par and MCE Finance intends to use the net proceeds from the offering (i) to repurchase in full MCE Finance's US$600 million 10.25% senior notes due 2018 issued on May 17, 2010 and fund the related redemption costs, and (ii) the entire remainder of the net proceeds thereafter for the partial repayment of RMB2.3 billion (equivalent to US$364.9 million) 3.75% bonds due 2013 issued by Melco Crown Entertainment on May 9, 2011.
MPEL will not be a guarantor for the notes. Approval in-principle has been received for the listing of the notes on the Singapore Exchange Securities Trading Limited (the "SGX-ST").