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Corrs strikes golden gaming opportunity

Corrs strikes golden gaming opportunity

Corrs Chambers Westgarth has advised NASDAQ-listed Melco Crown Entertainment Limited (MCE) on the acquisition of a 60 per cent interest in the Macau City Studio Project.MCE is a developer and…

Corrs Chambers Westgarth has advised NASDAQ-listed Melco Crown Entertainment Limited (MCE) on the acquisition of a 60 per cent interest in the Macau City Studio Project.

MCE is a developer and owner of casino gaming and entertainment resort facilities focused on the Macau market. Its properties include Altira Macau, a casino hotel located at Taipa, and City of Dreams, an integrated urban casino resort on Cotai, Macau.

MCE has support from both its major shareholders, Melco International Development Limited (under Co-Chairman and CEO Lawrence Ho) and Crown Limited (under Co-Chairman James Packer).

The Corrs team has worked with MCE on its debut RMB2.3 billion ($3.3billion) "dim sum" bond and the refinancing of some $US1.75 billion ($1.67 billion) of City of Dreams project debt. This followed on from work on the group's $US600 million debut high yield bond.

MCE will develop the Macau Studio City Project together with existing investors Silver Point Capital and Oaktree Capital Management.

Corrs leading partner Rob Ritchie said the recent "game changing transaction" represented an "important milestone in the growth of MCE and Macau".

"These transactions are at the leading edge of international practice. We expect to see more like them in the Australian domestic market as more and more commercial and financial sponsors look abroad for both capital and regional investment opportunities," said Ritchie.

Ritchie was supported by senior associate (and partner elect) Steve Johns and senior associate Stuart Barnard. Special counsel Steve Choo advised on the bond and project loans and lawyers Chun Wing Yeung, Robyn Maher, David Li and Nikki Chong worked across the acquisition and financing.

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