Philippine-listed Belle Corp announced Monday it will reorganize its gaming assets into a separate publicly traded company.
Bell Corp’s board approved a corporate restructuring plan Monday morning in which the company will inject 100% ownership of Premium Leisure and Amnesty Inc. and 34.5% of Pacific Online Systems shares, an online lottery system provider, into Sinophil Inc., a subsidiary of Bell Corp. already listed on the Philippine Stock Exchange.
Premium Leisure and Amuse is part of a consortium that holds a gaming license for casino resort city of dreams Manila. Another partner is Melco Crown (Philippines) Resorts Corporation, a subsidiary of Macau-based Melco Crown Entertainment.
Bell said in a statement that it would retain direct ownership of the land and buildings in City of Dreams Manila and would continue to receive rental income for that purpose.
The $1.2 billion casino resort will feature up to 365 game tables, 1,680 slot machines, and 1,680 electronic table games upon opening. The property will open in Manila’s Entertainment City next October. The resort will be operated by Melco Crown Philippines.
Belle’s reorganization is expected to be completed around August 2014.
Meanwhile, the company will reorganize its business around real estate development. It will acquire Sinophil’s non-gaming assets.
Bell is controlled by the SM group led by Henry Sai, patriarch of the richest family in the Philippines.
BY: 홀짜게임