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Macau tycoon offers IPO15 January 2008HONG KONG -- As reported by Reuters: "A US$1 billion initiaL public offering planned by tycoon Stanley Ho Hung- sun's Macau flagship gives investors a rare chance to bet on a casino boom that has been funded mostly by loans, and more public markets capital-raising is on the cards. "Ho's Sociedade de Jogos de Macau (SJM) is offering a 25 percent stake in a Hong Kong initial public offering. "Given the billions required to finance a planned construction spree and the change in funding needs as a gaming sector that has surpassed the Las Vegas Strip matures, operators are expected to step up the issuance of debt and equity, bankers said. "...SJM, the former monopoly gambling operator whose market share is shrinking at the hands of US heavyweights Las Vegas Sands and Wynn Resorts, plans to build up its war chest with a long-expected initial public offering set to make its debut on February 1, a fund manager said. "SJM would join a small handful of listed Macau casino firms that includes Galaxy Entertainment Group (0027) and Melco PBL Entertainment (Macau), a venture between Melco International Development (0200), which is controlled by Ho's son Lawrence Ho Yau-lung, and Publishing & Broadcasting of Australia. Other projects being built include Melco PBL's City of Dreams, the GalaxyWorld Resort, and Macao Studio City, which is backed by Hong Kong's eSun Holdings (0571)..." |