Unit operates CoD Manila
Melco Crown’s Philippines unit, set up to operate City of Dreams Manila in Entertainment City, may drop the “Crown” from its corporate name, the company announced in a recent filing to the Philippines Stock Exchange.
According to the Asia Gaming Brief, the firm also will reduce the number of directors from nine to seven.
“The change in the corporate name is part of the corporation’s rebranding, while the reduction in board size is in order to enhance the board’s effectiveness in conducting its business and to allow more participation of the independent directors,” said the company.
The move follows a decision by Hong Hong-listed Melco International Development Ltd. to take a majority position in Asian casino developer Melco Crown Entertainment Ltd., the parent of Melco Crown Philippines, GGRAsia reports. Also in December, Australian casino firm Crown Resorts Ltd. said it was reducing its own stake in Melco Crown Entertainment to 11.2 percent.
The company will change its name to Melco Resorts and Entertainment (Philippines) Corp., subject to regulatory approval.
In a January note, analysts from brokerage Sanford C. Bernstein Ltd. said the Melco Crown brand “lacks the same recognition as some of its Macau competitors.”
One of the three departing directors, Todd Nisbet, was Crown Resorts’ executive vice president for strategy and development. Nisbet reportedly resigned from the Philippines unit for “personal reasons.” In May 2016, when Crown began selling down its stake in Melco Crown, Nisbet announced he would surrender his seat on the Melco Crown board and that James Packer, Crown’s top shareholder, would step down as Melco Crown co-chairman.
In December Packer left his post as deputy chairman of Melco Crown and also left that company’s board.
