Melco doubling capital stock
In a disclosure to the Philippine Stock Exchange yesterday, Melco said its shareholders approved to increase the firm’s authorized capital stock to 11.9 billion common shares at P1 apiece from the previous 5.9 billion shares, also at a par value of P1 per share. File
MANILA, Philippines - Melco Resorts and Entertainment Philippines Corp., the operator of City of Dreams Manila, is doubling its authorized capital stock in preparation for future fund raising opportunities.
In a disclosure to the Philippine Stock Exchange yesterday, Melco said its shareholders approved to increase the firm’s authorized capital stock to 11.9 billion common shares at P1 apiece from the previous 5.9 billion shares, also at a par value of P1 per share.
“The board of directors (will) determine the amount of the increase and to issue such number of shares out of such increase at an issue price of not less than par value,” the company, formerly known as Melco Crown (Philippines) Resorts Corp., said.
Melco said the increase will “enable the corporation to tap into any potential funding raising opportunities, in the form of equity offering with a view to using the proceeds of such fund raising to repay outstanding indebtedness, fund growth and expansion, for general corporate purposes.”
The company registered net revenues of $157.4 million in the first quarter, higher than the $95.4 million net revenue recorded in the same period last year as the casino resort boosted both its gaming and non-gaming businesses.
The firm said rolling chip volume stood at $2.4 billion, up from $1.5 billion a year earlier. The rolling chip win rate was 3.4 percent versus 2.8 percent the previous year.
For the mass market segment, table games drop increased to $153.9 million from $120.4 million. The gaming machine handle reached $729.9 million while the win rate was 6.2 percent.
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