• SEC approves Melco PH entry into forex trading

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    MCE Leisure (Philippines) Corp., a unit of Melco Crown (Philippines) Resorts Corp., is diversifying its operations by entering the foreign exchange dealing market.

    In a statement, Melco Crown said MCE has secured the Securities and Exchange Commission’s approval for the company to “engage in the business of buying and/or selling foreign currencies on real-time basis as one of its secondary purposes.”

    MCE will operate the soon-to-open City of Dreams Manila, an integrated casino, resorts and hotel complex located at the Bagong Nayong Pilipino Entertainment City in Paranaque City.

    The $680-million City of Dreams Manila is one of the companies that will soon rise at the gaming and entertainment hub for local and foreign patrons.

    The integrated hotel, gaming, retail and entertainment complex is a joint project of Melco Crown (Philippines), SM Investments Corp. (SMIC), SMIC affiliate Belle Corp. which owns the property, and Sinophil, which holds the Pagcor licensee Premium Leisure Amusement Inc.

    The City of Dreams Manila development, which started construction in 2012, is expected to be completed by the end of this month, and is slated to open in October.

    The first complex to start operations at the Entertainment City was Solaire Resort & Casino of Bloomberry Resorts Corp., which opened in March last year.

    Other facilities rising in the area are The Manila Bay Resorts of Tiger Resorts and Entertainment, Inc. (a subsidiary of Japan-based Universal Entertainment Corp.) and Resorts World Bayshore of Westin Starwood Hotels & Resorts, which is set to open in 2016.

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