Melco PBL Rasied Another US$160 Million
Written on January 10, 2007 by admin
News just comes through that Melco PBL raised another US$160million on top of the US$1,065 million, making it a total of US$1,225 million.
Melco PBL Entertainment (Macau) announced today that the underwriters have exercised the over-allotment option of about 9 million American depository shares (ADSs) at the IPO price of $US19.00 each.
Melco PBL Entertainment listed on the Nasdaq on December 19 after raising about $US1.065 in its IPO.
Funds raised in the IPO are being used to pay for the three casinos the joint venture is currently developing in Macau, the only place in China where casinos are legal.
The casinos include the Crown Macau, which is targeted to open in the second quarter of 2007, the City of Dreams, the first phase of which is targeted to open in late 2008, and a third casino development project planned for a 2009 opening.
PBL announced a $5.5 billion private equity deal in October with CVC Asia Pacific, transferring the group’s media assets to a new company - PBL Media - which will be be half-owned by PBL and the private equity firm.
The deal freed up $4 billion in cash for PBL, which is expected to use the funds to look for overseas gaming assets.
PBL chief executive James Packer has said the Melco/PBL joint venture would continue to seek further investment opportunities in Asian gaming, hospitality and entertainment markets.
Source | The Australian
Technorati Tags: City of Dreams, Crown Macau, Entertainment, macau, Melco Crown
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