MANILA - Melco Resorts and Entertainment Philippines said Thursday Premium Leisure Corp was in "preliminary discussions" with its controlling shareholder to acquire shares in the joint venture that operates the City of Dreams mega casino.
Melco Philippines told the stock exchange that it was notified by Melco Resorts and Entertainment Limited of the talks with PLC "in relation to a potential transaction whereby PLC or its affiliated entities may become equity holders" of the company.
Affiliated entities of PLC are currently "parties to an operating agreement" with Melco Resorts Leisure, the subsidiary of Melco Resorts and Entertainment that operates City of Dreams, according to the disclosure.
Shares of Melco Resorts and Entertainment Philippines were up 1.24 percent in early trading compared to a 0.24-percent decline on the main index.
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