Melco Crown Entertainment has announced its proposal to change its English name at its next AGM. This move is in lieu of its future without Crown Resorts.
Lawrence Ho will now be the controlling shareholder of the Melco Crown resort. And, it has been his decision to rebrand.
Lawrence Ho has decided to knock off Crown from the company’s name.
The casino resort company has chosen to ask its shareholders to vote on their proposal to rebrand Melco Crown Entertainment to plain Melco Resorts & Entertainment. The management has announced that it will assume a new corporate identity by the end of 2017.
Top Rated Online Casinos
- Claim $1600 Free over 2 deposit match bonuses
- Play Australia's favourite casino brand on Mobile, Desktop or Browser
- Many deposit options incl; Visa, POLi, Neteller, Ukash
- Super Fast cash outs and 24 hour customer service
- $1000 Free split over 3 deposits
- Progressives Slots, Blackjack, Roulette, Video Poker and more
- Established in 2001 and eCogra certified
- Secure banking and fast withdrawal times
It is interesting to note that Crown Resorts will also be among the many voters at the forthcoming AGM. However, it will not assume the clout it once used to at such events.
It was only late last year that Crown sold nearly $1.5 billion worth stocks in Melco Crown back to Ho. This move slashed their equity in the venture from a 34% to a mere 11.2% and giving up their control to the Macau Mogul.
Melco Crown was established in the year 2005 by James Packer’s Crown in partnership with Ho’s Melco International. This was done to explore and further the growth of integrated casino resorts at a time when the Macau economy was flourishing.
Together they created the City of Dreams on the magnificent Cotai Strip. This mega-resort has three luxury hotels, theaters, several shops and close to 2 dozen restaurants.
They also built City of Dreams Manila in 2014, and Studio City Macau worth over $4.5 billion that is an amalgamation of top notch tele and film production facilities with dining, retail and gaming.
Chinese president Xi Jinping launched a money-laundering and anti-corruption crackdown. This was strategized and implemented with the sole aim of curbing the tide of corrupt money flowing into Macau from the Chinese mainland.
Melco Crown made most of its revenues from Chinese high rollers. And, the anti-corruption drive led to a dip in their revenues. The resort suffered from losses than most of its competitors due to Macau’s ensuing economic plunge.
Dreams of international expansion never really took off, and when 18 employees were arrested on the suspicion of marketing the resort’s services to Chinese high rollers, matters only got worse.
Heir to the Crown
Following the sale of their stocks to Ho, Crown is now determined to realign its focus to more lucrative projects closer to home.
While Crown focuses on newer projects close to home, Macau on the other hand has been lucky and is experiencing a bounce back, which is said to be fuelled by the emergence and growth of the mass market. Melco resorts as it will be known, post the AGM, is optimistic about its future.