Asian casino administrator Melco Resorts and Entertainment Limited has purportedly documented a movement with the United States Securities and Exchange Commission that could see its Studio City International Holdings Limited backup dispatch a first sale of stock.
As indicated by a Tuesday report from Asia Gaming Brief, Hong Kong-recorded Melco Resorts and Entertainment Limited, which was known as Melco Crown Entertainment Limited until the point when an early-April name-change, is in charge of a 60% stake in Studio City International Holdings Limited while the rest of held by nearby accomplice New Cotai Holdings.
Asia Gaming Brief revealed that Studio City International Holdings Limited runs the administrator’s Hollywood-themed Studio City Macau coordinated casino resort in the Cotai Strip neighborhood of Macau, which opened in 2015 at a cost of about $2 billion. “The initial public offering, if it were to happen, does not make much sense to us at this stage from the perspective of [Melco Resorts and Entertainment Limited],” read the note from Sandford C Bernstein Limited. “It further creates complexity for [Melco Resorts and Entertainment Limited], a company which is already complicated by Macau standards.”
An admonitory note from financier firm Sandford C Bernstein Limited refered to by Asia Gaming Brief purportedly clarified that no open documentation has yet been made accessible viewing the move as it was recorded privately with the United States Securities and Exchange Commission. Sandford C Bernstein Limited purportedly announced that Melco Resorts and Entertainment Limited may also be set up to purchase all of New Cotai Holdings’ offers in Studio City International Holdings Limited. In any case, it purportedly noticed that the “present execution and structure” of Studio City Macau would perceive any such arrangement completed at a “significant markdown” to its own particular valuation of the venture. “Perhaps New Cotai [Holdings] is finally selling at whatever price and [Melco Resorts and Entertainment Limited] isn’t offering anything appealing, so trying this route,” read the note from Sandford C Bernstein Limited.
Sandford C Bernstein Limited apparently additionally conjectured that the move could be a route for New Cotai Holdings to discard its stake in Studio City International Holdings Limited while besides furnishing the two gatherings with an approach to “gauge valuation and intrigue”.
