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Packer's Macau Plans Hit Snag

AUSTRALIA – As reported by the Australian: "James Packer's dream of building a $3 billion casino business in the Asian gambling mecca of Macau suffered a major setback yesterday when the Hong Kong Stock Exchange blocked moves for a US listing designed to help finance the project.

"Mr Packer's Publishing and Broadcasting Ltd (PBL) and its Hong Kong-based joint venture partner Melco were planning to raise at least $1.3 billion by listing some 10 to 15 per cent of their Macau casino business on the Nasdaq market in the US, over the next few months.

"The US listing would also have provided the basis for further funding of the business which is now set to involve three casinos in Macau including the $1.5 billion City of Dreams casino/apartment/hotel complex.

"Melco's shares plunged on the Hong Kong Stock Exchange yesterday as the company vowed to appeal the exchange's decision to block the move.

"…The HKX listing committee decided on Friday to oppose Melco's spin-off plan because the remaining assets in the company would not meet its criteria of profitability for a listed company…"

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