Casino operator Melco Resorts and Entertainment (Philippines) Corp. was officially delisted from the Philippine Stock Exchange on Tuesday, June 11. The delisting took place because the number of publicly held Melco shares fell below the minimum threshold mandated by the exchange, a situation that continued for more than six months.
In May, the PSE warned Melco that it would delist the company unless at least 10 percent of its stock was floated at the exchange by June 11. The exchange had previously suspended trading in Melco Resorts Philippines shares on December 10 last year because of its failure to obey the rule on minimum public ownership, according to GGRAsia.
Melco Resorts Philippines runs the City of Dreams Manila casino resort in the Entertainment City casino zone. The firm is controlled by Melco International Development Ltd., a Hong Kong-listed casino investor with properties in Asia and Europe. Recently, Melco Chairman and CEO Lawrence Ho made inroads in Australia by acquiring 19.9 percent of Crown Resorts.
