Lawrence Ho’s Melco Crown Entertainment ltd. is injecting P2.7 billion ($57.5 million) in fresh capital into its Philippine subsidiary that operates City of Dreams Manila.

In a Friday filing to the Philippine Stock Exchange, Melco Crown (Philippines) Resorts Corp. announced that MCE (Philippines) Investments Ltd. was subscribing to 693.5 million common shares in Melco Crown Philippines at P3.90 per share.

“MCE (Philippines) Investments Ltd., as a major shareholder of the company, shows its continuous support to the company and its subsidiaries through the subscription. In addition, the subscription allows the company to raise the capital in a most expeditious and efficient manner with the least cost,” Melco crown Philippines said in a statement.

The private placement transaction is still subject to shareholders’ approval. Once approved, proceeds from the transaction will go to Melco Crown Philippines’ additional investment in MCE Leisure (Philippines) Corp., which is directly involved in the operation of City of Dreams Manila.