Melco Crown now Melco Resorts & Entertainment

Gaming operator Melco Crown Entertainment Limited officially announced yesterday the English name of the company will be changed to “Melco Resorts & Entertainment Limited”, while its Chinese name will remain unchanged.
The company said in the same statement that it also intends to change is ticker symbol on the NASDAQ Stock Market to “MLCO” from the current “MPEL”.
‘The effective date of the name change and the ticker symbol change will be further announced,’ the company noted in a press release.
The name change of the corporation followed Australian-based casino operator Crown Resorts reducing its stake in the company last year.
Last May, the boss of Crown Resorts, James Packer, announced his resignation as co- chairman of Melco Crown. The Australian firm and joint venture partner Melco International Development Ltd., chaired by Lawrence Ho Yau Lung, had each held 34.3 per cent stake in the local casino corporation at the beginning of that month.
In mid-December last year, the Australian firm announced the sale of its 13.4 per cent stake in Melco Crown, while its stake in the joint venture was further decreased to 11.2 per cent as at the end of last year.
Meanwhile, a filing of Crown Resorts to Australia Securities Exchange yesterday announced the firm had agreed an equity swap agreement which will act as a hedge on any future sale of its stake in Melco Crown.