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City of Dreams Investor to Delist from Philippine Stock Exchange

May 16, 2024 Philippines Casino & HotelIndustry Updates

Premium Leisure Corp (PLC), an investor in casino resorts, is being taken private by its subsidiary, Belle Corporation. On July 9, PLC submitted a request to the Philippine Stock Exchange (PSE) for a voluntary delisting.

In March, Belle launched a tender offer, paying PHP0.85 per share to acquire almost 19% of PLC’s shares. They now hold a 99.55% controlling share as a result.

PLC, the company that makes money from City of Dreams Manila, stated that in Q1 2024, net income (55.3%) and gaming revenue share (43.9%) were lower than they were in Q1 2023. Belle may have made the strategic choice to simplify operations by delisting.

See Related Articles: City of Dreams Manila VIP Revenue Plunge Causes Drop in Parent Company’s Gaming Income

Original Story by: Asian Gaming Brief

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