Asian casino behemoth Melco Crown Entertainment is getting a name change and a complete rebranding, according to industry reports from casino.org.
The “Crown” will soon be dropped from its English identification with proposed renaming of itself as “Melco Resorts & Entertainment.”
Australian casino magnate James Packer’s Crown Resorts dramatically reduced its stake in Melco Crown last year, seeking to reduce its investment on Macau.
Packer and Crown chose to reduce its exposure in Macau and the Chinese market last year by selling over $1 billion of its shares back to the company, dropping its stake from 34 percent to 11.2 percent and ceding the controlling interest to Macau casino mogul Lawrence Ho.
Melco Crown began in 2005 as a joint venture between Crown and Ho’s Melco International Development, to develop and operate casino/resorts in Macau, specifically the City of Dreams and, more recently, Studio City.
"With Melco [International] and Lawrence taking majority shares now, we are all thrilled and looking forward to a new corporate entity unveiling this new chapter of the company and reflecting the new energy as well,” Melco Crown’s senior vice president of corporate communications and public relations, Maggie Ma, told GGRAsia. No further details were revealed at that time.
According to a filing to the Securities and Exchange Commission, Crown Resorts would be entitled to payment if Melco were to retain the Crown name at its casinos.
Melco Crown has scheduled a meeting at the City of Dreams property later this month, at which shareholders will be asked to vote on the renaming proposal.