Melco International Plans Spin-Off, Separate Listing of Studio City International Holdings in U.S.

By FeaturesDow Jones Newswires

Melco International Development Ltd. (0200.HK) is seeking a spin-off and separate listing of a unit in Macau.

The Macau gaming investor said after markets closed Monday that it plans to spin-off and list the shares of Studio City International Holdings Ltd. on the U.S.'s Nasdaq Global Market or the New York Stock Exchange.

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Studio City, which operates an integrated entertainment, retail and gaming resort in Cotai, Macau, is a unit controlled by the Hong Kong-listed company's 51.2%-owned Melco Resorts & Entertainment Ltd.

The initial public offering of Studio City is expected to commence as market conditions permit, and is subject to Studio City's filing with the U.S. securities regulator, it said, without giving any financial details of the proposed IPO. The Hong Kong-listed company will remain as Studio City's majority shareholder after the IPO.

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(END) Dow Jones Newswires

August 14, 2017 20:18 ET (00:18 GMT)