Melco Resorts & Entertainment said Thursday that it is currently in discussions with potential buyers of its stake in Philippines integrated resort City of Dreams Manila and will soon have a shortlist of interested parties that will partake in a bidding process.
The update follows the company’s announcement in February that it was exploring strategic alternatives for the property as part of a new “asset light” philosophy. City of Dreams Manila is a joint venture with local real estate firm Belle Corp.
Asked for an update during its 1Q25 earnings call, Melco’s Executive Vice President and CFO Geoff Davis said, “We continue to run the process with the advisors. Potential buyers are signing NDAs (non-disclosure agreements) in the virtual data room and are working through a series of questions. And over time we will whittle down that group to a short list for the bidding process. We remain in close dialogue with our advisors.”
