Belle considers expanding City of Dreams

Belle Corp said that it’s considering expanding the $1.45 billion City of Dreams integrated resort project that it’s jointly developing with Melco Crown Entertainment.
The company confirmed in an announcement to the Philippine Stock Exchange that management has held preliminary discussions with the owners of land near the site to either buy or lease the property, on which it could expand the COD resort.
“However, these discussions are still at their early stages, and no land acquisition transaction is anticipated to close in the near future,” it said.
In June, Melco upped its estimate for the Entertainment City resort by about a third, from $680 million to $832 million.
Scheduled to open towards the end of the year, the property will feature 365 gaming tables, 1,680 slot machines and 1,680 electronic table games upon opening, catering to both the VIP and mass market and 950 hotel rooms.
It will also bring luxury brand, Nobu to the Philippines, as well as an educational entertainment center in a venture with Hollywood studio, Dreamworks.
Belle also confirmed media reports that it’s considering a plan to sell off some of its stake in its Sinophil unit. The company recently spun off its leisure and entertainment assets into Sinophil.
It said the sale would widen the public float of the company, which has largely been a dormant holding company before the transaction. Again it said no decision has been made and the timing and extent of any sale is still uncertain.