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Media

Melco Crown Raising Cash (MPEL, WYNN, LVS)

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By Douglas A. McIntyre Updated Published
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Melco Crown Entertainment Limited (NASDAQ: MPEL) has just filed with the SEC to raise up to $400 million in cash.  This is via a sale of ADS’s and underwriters were not named. These terms may change based upon market conditions, but the company listed that each ADS represents 3 ordinary shares of common stock.

Melco Crown noted the use of proceeds as for funding of capital expenditures, working capital, repayment of indebtedness, and/or general corporate purposes. It also noted that the use of proceeds for a specific offering will be set forth in the prospectus supplement for that offering.

The casino business, particularly the enthusiasm around Macau, China, has been very far from immune to the current economy.  Melco Crown was often referred to the top competitor of Wynn Resorts Ltd. (NASDAQ: WYNN) and Las Vegas Sands Corp. (NYSE: LVS).

Shares of Melco Crown are up about 2% at $4.92, and its 52-week trading range is $2.27 to $14.76.  Shares of Wynn are down marginally today, but that is on the heels of an analyst downgrade today.  Las Vegas Sands Corp. stock is trading up 12% at $4.98, and its 52-week trading range is $1.38 to $80.83.

Here are the full filing details.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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