Melco Crown Entertainment Ltd has prepared a US$340 million (MOP2.7 billion) standby loan for its Philippine subsidiary. The subsidiary, Melco Crown (Philippines) Resorts Corp, has told the Philippine Stock Exchange that it will use the funds in “the unlikely event” of it being unable to complete a PHP15 billion (MOP2.7 billion) private debt offering, which is scheduled to be finished by the end of next month. Melco Crown (Philippines) Resorts has joined forces with Filipino tycoon Henry Sy to build a casino resort in Manila’s Entertainment City. The casino resort, to be called City of Dreams Manila, is scheduled to open in the middle of next year.
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