Melco Crown Entertainment Limited (NASDAQ: MPEL) has just filed with the SEC to raise up to $400 million in cash. This is via a sale of ADS’s and underwriters were not named. These terms may change based upon market conditions, but the company listed that each ADS represents 3 ordinary shares of common stock.
Melco Crown noted the use of proceeds as for funding of capital expenditures, working capital, repayment of indebtedness, and/or general corporate purposes. It also noted that the use of proceeds for a specific offering will be set forth in the prospectus supplement for that offering.
The casino business, particularly the enthusiasm around Macau, China, has been very far from immune to the current economy. Melco Crown was often referred to the top competitor of Wynn Resorts Ltd. (NASDAQ: WYNN) and Las Vegas Sands Corp. (NYSE: LVS).
Shares of Melco Crown are up about 2% at $4.92, and its 52-week trading range is $2.27 to $14.76. Shares of Wynn are down marginally today, but that is on the heels of an analyst downgrade today. Las Vegas Sands Corp. stock is trading up 12% at $4.98, and its 52-week trading range is $1.38 to $80.83.
Here are the full filing details.
JON C. OGG
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