April 2, 2013 / 3:50 AM / 5 years ago

Melco Crown Philippines sets roadshow for $400 mln share offer-IFR

MANILA, April 2 (Reuters) - Melco Crown (Philippines) Resorts Corp is likely to start a roadshow on Wednesday for its $400 million follow-on stock offering, Thomson Reuters IFR reported.

Bookbuilding is expected to start in the week beginning April 15.

Melco Crown Philippines, a unit of Macau gambling firm Melco Crown Entertainment Ltd, recently said it would offer 1 billion shares to investors with an overallotment option of 200 million shares. The final offer size would be decided after the roadshow.

Citigroup and UBS are managing the offer.

Melco Crown Entertainment, run by Australian billionaire James Packer and the son of Macau gambling tycoon Stanley Ho, is undertaking a $1 billion casino-hotel-retail project in Manila with Philippine partner Belle Corp.

It will be Melco’s first casino outside Macau and one of the biggest Chinese investments in the Philippines.

Shares of Melco Crown Philippines were down 1.1 percent at 14 pesos ($0.34) apiece at 0330 GMT on Tuesday.

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