‘Melco Resorts and Entertainment’ takes a bow


Melco Crown Entertainment Ltd. will attempt to change its name to Melco Resorts and Entertainment, according to company statements made to Business Daily.
The gaming operator says the issue will be subject to shareholder approval by the end of March.
“The decision was taken due to Melco International Development (Melco) having obtained the majority ownership of Melco Crown after buying part of the shares held by the firm Crown Resorts Ltd. So it wouldn’t be necessary to keep the same name,” a Melco representative told Business Daily.
In February of this year Australian group Crown Resorts announced it had reduced its stake in Melco Crown to 11.2 per cent.
In December 2016 the company owned by Australian businessman James Packer had already agreed to sell 198 million shares to Melco, with the move enabling the company owned by local businessman Lawrence Ho Yau Lung to obtain a majority 51.3 per cent share in the group.