Melco Crown Entertainment (MCE) is purchasing a 60% stake in the developer of Macau Studio City, an integrated gaming, retail and entertainment resort, for $360 million. The Macau casino operator will acquire the stake from a joint venture of eSun Holdings and CapitaLand.
MCE will initially pay $260 million for the stake and further pay $100 million in cash in three installments within two years, commencing upon the closing of the transactions. New Cotai, an entity controlled by funds managed by U.S. firms Silver Point Capital and Oaktree Capital Management, will retain its 40% stake in the project.
Click here for the release from Globe Newswire.