Melco confirms Studio City IPO

The casino company confirmed its preparations to launch an Initial Public Offering of shares in Studio City.

Macau.- Melco Resorts & Entertainment has revealed that it continues its preparations to launch a Resorts & Entertainment of shares in Studio City International Holdings, the company behind the Studio City integrated resort, located in Macau.

The company submitted a draft registration statement for a possible IPO to the US Securities Exchange in 2017, and almost a year from that initial announcement, Melco said that it continues “its preparations for the proposed IPO, which is expected to commence as market conditions permit and remains subject to the US Securities and Exchange Commission declaring the registration statement effective.”

The casino is 60 per cent owned by Melco Resorts, while the remaining 40 per cent is owned by New Cotai, a privately owned investment firm. Melco Resorts is half-owned by Melco International, which revealed last year its intentions to shift the 40 per cent as part of the IPO. “Following completion of the proposed spin-off, the company’s interest in Studio City will be reduced although it is intended that the company will remain as Studio City’s majority shareholder after the IPO,” an announcement said when the company first revealed the IPO.