Melco in $400 million local share offer


Melco Crown (Philippines) Resorts Corp. (PH:MCP), the local unit of Macau’s Melco Crown Entertainment, has filed with regulators to sell up to 1.2 billion shares to raise $400 million. The funds are to be used for the development of the Belle Grand Manila Bay, Melco’s $1 billion joint venture casino hotel with local developer Belle Corp.