The popular City of Dreams Manila may be up for sale. According to reports, its owner Melco Resorts & Entertainment, led by Lawrence Ho, is looking for a buyer for their stake in the casino. They may partially or completely withdraw from the Philippines.
On May 8, Chief Financial Officer Geoff Davis said that interested buyers had begun submitting documents for the pre-bid process. This includes signing non-disclosure agreements (NDAs).
Just in February, Lawrence Ho mentioned plans to adopt a light asset strategy—a move that could potentially lead to exiting the Philippine market. Following this, they issued a statement saying they were evaluating their options for City of Dreams Manila.
One of the potential buyers is Belle Corp, their casino partner. Belle owns the land on which COD stands and has a half-share in its operations. But in March, Belle clarified that they have no intention of buying Melco's stake, saying the $1 billion price tag was too high.
