18-August-2009

Tuesday Macau casino operator Melco Crown Entertainment Ltd. (NASDAQ: MPEL) announced the addition of 37.5 million American Depositary Shares to its public offering.

According to the Associated Press, Deutsche Bank Securities Inc. and Citigroup Global Markets Inc. will underwrite the offering. Each depositary share, the news agency said, equals three ordinary shares.

The news comes after the company reported a $144 million loss, or 30 cents per ADS, for the second quarter Thursday. It is the second major loss for the company, whose share price fell $5.7 million, or 1 cent per ADS, last year.

Melco Crown owns gaming machines in China’s Mocha Clubs, as well as the Altira Macau and City of Dreams casinos. Hong Kong-listed Melco International Development Ltd. and Australia’s Crown Ltd. are its major shareholders.

The Associated Press reported that the Hong Kong-based company’s traded ADS units fell 12 cents, or 2.3 percent, to close at $5.15 on Tuesday.

The company has not said when it plans to offer the new ADS. However, it has said it plans to offer an additional 3.75 million ADS if there is a demand for them.

By: Phill Provance
phill.provance@acehoyle.com

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