Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resorts with entertainment and casino gaming facilities in Asia and Europe. Based in Hong Kong, the company is listed on the NASDAQ.[2] Originally known as Melco Crown Entertainment (Melco Crown or MPEL), Melco Resorts was founded in 2004 as a joint venture between Melco International and Crown Limited. Melco Crown became Melco Resorts & Entertainment in May 2017[3] and currently operates as a subsidiary of Melco International. Melco Resorts owns and operates a number of integrated resorts, having launched Altira Macau in 2007,[4] City of Dreams Macau in 2009,[2] City of Dreams Manila in 2015,[5] Studio City Macau in 2015,

History

Founding as Melco Crown Entertainment (2004-2015)

In 2004,[9] Melco International Development Limited partnered with James Packer, founder of Australian casino company Crown Limited, creating the joint venture Melco Crown Entertainment Limited[10] to invest in gaming ventures and related businesses in Macau. Melco International's chief executive, Lawrence Ho, was appointed CEO and executive director of Melco Crown Entertainment in December 2004,[9] as well as co-chairmen alongside Packer.[11] In March 2006, Melco Crown spent US$900 million to purchase the last of Macau's six gaming licenses from Wynn Resorts. The license allowed Melco Crown to operate an unlimited number of casinos, tables and machines in Macau until June 2022.[12] Following that, the company began developing its first casino.[10] Melco Crown listed on the NASDAQ in December 2006[2] and launched Altira Macau in July 2007,[4] which was built for $1.45 billion.[12]

Crown Limited's interest in Melco Crown was around 36% by June 2009, and in that year Melco Crown opened its flagship integrated resort, the $2.4 billion City of Dreams Macau in Cotai.[2] Melco Crown listed its shares on the Hong Kong Stock Exchange at the end of 2011.[13] Also in 2011, Melco Crown acquired a 60% interest in Studio City Macau, a large-scale integrated resort project in Cotai.[14][15] Designed with a Hollywood theme, the integrated resort opened in October 2015 with a cost of $3.2 billion.[2] Outside of Macau, Melco Crown's first project was the development of City of Dreams Manila in the Philippines in 2012,[16] in partnership with SM Investments, with an investment of approximately US$1 billion, in which Melco Crown was expected to invest up to $580 million.[15]