Melco Philippines raises $52 million

 
Melco Crown (Philippines) Resorts Corp. raised $52 million from the sale of treasury shares and received approval from the Philippine Securities and Exchange Commission to raise its authorized capital to 5.9 billion shares from 900 million. The company, a unit of Macau's Melco Crown Entertainment Ltd., is to seeking to raise $400 million through a share offer, with book building expected to begin next week. The funds will go toward Melco's share of the $1.2 billion budget for a casino hotel being built in Manila in a joint venture with Belle Corp.