Packer, Melco Plan $1 Billion Macau IPO
Written on May 24, 2006 by admin
May 24 (Bloomberg) — James Packer's Publishing & Broadcasting Ltd. and Melco International Development Ltd. are planning to sell $1 billion of shares in an initial public offering of their Macau casino venture, people familiar with the transaction said.
The companies plan to sell 20 percent of the venture and list the stock on the Nasdaq exchange in New York later this year, said the people, who declined to be named before a statement is made. The sale will value the venture at about $5 billion, the people said.
Packer, Australia's richest man, and Melco Chairman Lawrence Ho, the son of Hong Kong billionaire Stanley Ho, will use the funds to expand in Macau, which is forecast to overtake Las Vegas as the world's biggest gambling market this year. The pair are building two casinos in Macau and last week bought land for a third.
“There's strong investor demand for equity exposure to Macau gaming,'' said Neil Boyd-Clark, who helps manage about $3 billion in stocks at ABN Amro Asset Management Ltd. in Sydney. “People are optimistic about the number of people in China that are becoming wealthier and will take up gaming in Macau.''
Technorati Tags: Lawrence Ho, macau, Macau Casino, Macau Gaming, Stanley Ho
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