Melco Crown Entertainment efforts well received

May 5, 2009 5:09 PM
Industry Insider by Ray Poirier | The effort of Melco Crown Entertainment Ltd. (MPEL) to raise cash with a secondary stock offering was well-received by investors over the weekend. Even the underwriters dipped in to acquire some of the shares being offered.

According to the company, the 3,750,000 shares of MPEL offered at $4 each were grabbed by the marketplace and the underwriters’ over-allotment option, involving nearly 700,000 shares, was also snapped up.

The company looked to beef up its cash position prior to the June opening of its City of Dreams resort on the Macau Cotai Strip.

After trading on Monday, the shares were listed at $5.64, up 64 cents for the day.

Question? Comment? E-mail me at: Ray Poirier