(05 July 2012, Pasay City, Philippines) It has been announced that Belle Corporation (Belle),one of the affiliates of SM Investments Corp, together with Belle’s 100%-owned subsidiary, Premium Leisure and Amusement, Inc. (PLAI), signed on 05 July 2012, a Memorandum of Agreement (MOA) with Macau-based Melco Crown Entertainment group of companies for a collaborative partnership in the development and operation of Belle’s integrated resort complex at Aseana Boulevard, Parañaque.
Belle has agreed to join with MCE under a new consortium to create a premiere integrated resort complex. Melco Crown Entertainment Limited (MCE) is the owner and operator of the resort complex in Macau known as “City of Dreams”. MCE was initially formed as a joint venture of Melco International Development Limited of Hong Kong and Crown Limited of Australia.
Subject to PAGCOR requirements, Belle and MCE plan to create a US$1 billion premiere integrated resort facility and enter into implementing and definitive agreements within the next two months.
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