Lawrence Ho's Melco International Development Ltd. and Summit Ascent Holdings Ltd. released plans to buy a hefty 51% combined stake in a entertainment venture project in Russia. Lawrence Ho, who is now chairman of both companies and chief executive officer of Melco, is the son of Stanley Ho, a Macau casino mogul.
According to a independent Hong Kong stock market filing by the firms yesterday, Summit Ascent Holdings is willing to pay around US$9 million for a 46% stake in Oriental Regent Ltd., and Melco International Development will pay nearly US$1 million for the remaining 5%. Both firms are to contribute money toward the estimated US$130 million cost of the venture. The allocation of payment will be based on their percentage holdings, the companies said.
Lawrence Ho wants to see his casino business expand abroad and in Macau. Melco Crown Entertainment Ltd, a separate entertainment venture, is joining Philippine billionaire Henry Sy's Belle Corp. Melco Crown Entertainment and Belle Corp., together, want to build a casino resort in Manila and to develop another property on Macau's Cotai strip to contend with bigger rivals.
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