Melco International Development Ltd. saw an 100-fold increase in profit for the year ended Dec. 31, 2016, attributed to the performance of its core gaming arm, Melco Crown Entertainment.
Melco Crown Entertainment is a joint venture between Melco International and Australia's Crown Resorts and is one of the six casino operators in Macau. The group listed on the Nasdaq Stock Exchange in 2006.
Melco Crown Entertainment is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau, a casino hotel located at Taipa, Macau and City of Dreams, an integrated urban casino resort located in Cotai, Macau.
Melco Crown Entertainment’s business also includes the Mocha Clubs, which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau.
In the Philippines, MelcoCrown (Philippines) Resorts Corporation’s subsidiary, MCE Leisure (Philippines) Corporation, currently operates and manages City of Dreams Manila, a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila.
Melco Crown Entertainment is strongly supported by its single largest shareholder, Melco International Development Limited and its other major shareholder, Crown Resorts Limited. In May, 2016, Melco became the biggest shareholder in the venture, paying $800.8 million to buy back shares from its partner. Following the transaction, Melco increased its stake to 37.9 percent, with the public holding 34.7 percent and Crown cutting its stake to 27.4 percent from 34.3 percent.
Melco is a listed company on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of Melco Crown Entertainment. Crown is a top-100 company listed on the Australian Securities Exchange and led by Mr. James Packer, who is the Deputy Chairman and a Non-executive Director of Melco Crown Entertainment.