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PBL Gets Boost from Asian Casino Deal

AUSTRALIA – As reported by the Sydney Morning Herald: "Speculation that Kerry Packer's Publishing & Broadcasting is poised to announce another Asian casino deal swept through the market yesterday, giving the media and gambling company's shares a much needed boost.

"PBL stock has risen more than 5 per cent since Friday, up 81c to $16.19, after Mr Packer's controversial Macau gaming partner, Stanley Ho, suspended share trading in his Melco International Development. It said the suspension was pending 'publication of an announcement regarding a major and connected transaction'.

"According to market reports, Mr Packer spoke to senior management of PBL's Crown Casino yesterday about developments in Macau.

"…Last week, Credit Suisse First Boston raised its price target for PBL to $19 after valuing PBL's Park Hyatt project with Melco at $329 illion.

"…Melco and PBL have said they will pursue opportunities in other Asian markets, such as Taiwan, Thailand and Singapore, as gaming regulations are relaxed there…"

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