Casino resort City of Dreams Manila is to have a soft opening on December 14, Lawrence Ho Yau Lung (pictured), co-chairman and chief executive of Melco Crown Entertainment Ltd told GGRAsia on the sidelines of a media event in Macau on Monday.
He told us: “There will be an opening on 14th December. That will be a soft opening for the local market, not a media event.”
Mr Ho added that a more formal first phase opening would probably take place in February 2015.
The scheme is a partnership between Melco Crown and Philippine-based Premium Leisure and Amusement Inc, a unit of Premium Leisure Corp, controlled by the family of Philippine billionaire Henry Sy.
During a conference call with investment analysts on November 6 to discuss Melco Crown’s third quarter results, Mr Ho had mentioned a formal opening for the first phase for “the first quarter of 2015”.
A firm called MCE Leisure Ltd, a unit of Philippine Stock Exchange-listed Melco Crown (Philippines) Resorts Corp – will be entitled to retain all profits from non-gaming operations at City of Dreams Manila, according to a filing by parent Melco Crown made to the Hong Kong Stock Exchange. Melco Crown Philippines must however share gaming revenue from City of Dreams Manila with its local partners.
The Lunar New Year – also known in Greater China as Chinese New Year – falls on Thursday, February 19 next year. The festival is a popular time for many Asians to gamble, and in Macau in previous years has been associated with a spike in gaming revenue. In Chinese New Year 2014, which fell on January 31, the subsequent month of February saw a 40 percent year-on-year rise in gross gaming revenue in Macau.
Sentiment: Strong Buy
From all of the financial manuvers and hollow promises of revenue growth made by EGT Management throughout 2014, all that has ACTIALLY happened is that we now sit @ .15 pre split with 48% held by insiders.
What about retail investors like you and me? On 1/2/2014 EGT closed @ 1.21. Today, one year later, it is @ .60 and STILL facing delisting after quietly aquiring yet another extension with the NASDAQ.
For that pitiful performance of a 50% LOSS in shareholder value, the BoD decided to increase the number of shares of common stock reserved under the Stock Incentive Plan. Since insiders hold 48% of the shares, gifts like this are nearly impossible to block.
Did they put forward a split that would give ALL shareholders more shares? NO bcause that would drive the PPS further downward.
Did they put forward a nominal .01 dividend that woud benefit ALL shareholders? NO because this company has not made a profit in 2 years and the cash reserves are needed to replace an aging EGM inventory.
But an increase in the Stock Incentive Plan seemed to be an approperiate reward for that absymal performance. Sad, very sad.
At Best this is robo-spam - at worst is is very poor and misleading research
Fact: 15.12K share short not much of sa short posdition to "squeeze" with.
0.10% Short % of Float (as of Nov 28, 2014)
Other than getting Melco to forgive debt and trimming expenses....
Please remind me again of all of the outstanding business decisions that EGT Management has made and all of the NEW channels of revenue that they have developed and what they have done to increas INVESTOR value: Here's the score card as I see it. Please correct any misstatements
NAGA - PASS The ONE play that has kept the company afloat
Analyst coverage: FAIL 1 (Paul Sonz)
Net revenue: FAIL NEGATIVE for 2 straight years (This is not a R&R company with 'products in the pipeline'. No Excuse.
Other Participation contracts - FAIL Only 3 venues left in the Phiippines (556 EGMs) and 2 in Cambodia (Thansur Bokor resort &
Stand Alone Casinos -FAIL. invested 7.5M sold 1 year later for 2.5M. (Great job researching your market...3 or 4 more 'deals' like that and EGT will go BK)
Dolphin Products: BREAK EVEN Modest revenue from sale of non-gaming divisions. Unimpressive chip sales - practically ZERO significant new clients not related to Ho family
# of Shares outstanding: FAIL Just jumped up from 30M to 57M die to "rights offering". If EGT cannot generate a + EPS with 30M shares outstanding, how are they going to show a profit with 2x as many shares now outstanding.
Continued Listing in Major Market: FAIL (so far) They have used their last 'get out of jail free' and have until April 2015 to meet listing requirements which would include DOUBLING the PPS from current levels. Management has been embarasingly silent on this matter even though it is a significant concern to investors.
news says offering is closed!!!! and Melco bought a whole bunch ...... some here say company is going down why then, did Clarence The board and Melco all buy so many shares..........
I guess that they must be looking for fantasyland? naaaaaaaaa
maybe they read the board and need a write off and hope now it sinks to -0- quick,,, before 2015
just stirring the pot for senarios...
Jus thinkin, ... If they,, Melco [not mepel] could'nt care less, why do you think they; and also Clarence, have aquired so many offered shares.... do you think they bought them shares to see to it that EGT is gonna tank? . I guess they also are buying ito the fantasyland senario .... right? b/caus this company is a looser right .... then why r they buyin the shares .... pray tell??
The rights still appear in my account. I wonder if they will extend the offering which was supposed to expire on 11/25. Someone seems to be working to prop up the stock. Picked some up in the low 40's and dumped the shares on the run-up. Down big on this one this year, but was fun to make a little back.
Considering Management's inability to effictively address the problem....Delisting Dead Ahead.
RS may get stock off the edge of the cliff for a little while, but if they cannot find new revenue sources, the share price will fall back down below 1.00 yet again. The market rewards winners and crushes losers. EGT is a loser.
Sentiment: Strong Sell
No, the company won't buy up the rights offering itself. The parent company probably will exercise rights and increase their stake. Sometimes when a stock is trading below the offering price there is a strange last minute run-up to put the rights in the money. Saw that happen with SPPR and I picked up some EGT last week for that reason.
seems to me that the company will buy up the rights shares at $0.57 and either cancel those shares to bring price up or vote to go private at 10 cents or less a share the remaining outstanding??
I wonder if we'll see a rally or news before the rights offering expires? Seems to often happen in these situations. Company needs to get the stock up fast if any rights are going to be exercised.