After its annual general meeting, Melco Crown Entertainment Ltd approved its name change to Melco Resorts and Entertainment Ltd.
Macau.- Melco Crown Entertainment Ltd will soon change its English name to Melco Resorts and Entertainment Ltd, according to a statement by the Asian casino developer and operator last Wednesday. The decision was taken in Melco Crown’s annual general meeting, held the same the day.
Its Chinese name, on the other hand, will remain the same but they will change its Nasdaq ticker symbol from “MPEL” to”MLCO”. Dates for the English name change and the symbol swap are yet to be announced, according to the company.
According to a press release published by the company, “the move was subsequent to Melco International Development Ltd’s purchase of additional interest in, thereby assumed majority ownership of, Melco Crown Entertainment in February 2017.”
The purchase mentioned are those of Lawrence Ho Yau Lung’s Hong Kong firm that operates casino venues in Macau. Altira Macau, City of Dreams Macau and Studio city’s majority was acquired by Melco International last december.
“Melco International now holds an approximately 51.3 percent stake in Melco Crown versus approximately 37.9 percent before. In light of this change, Melco Crown’s management proposed a special resolution on March 29, 2017 at the company’s annual general meeting, to change the English name of the company, and received shareholders’ approval,” says also the press release.