Silver Point Capital, Friedman Team Up for Macau Resort

MACAU – As reported by the Australian: "Silver Point Capital, a US fund with $US5 billion ($6.69 billion) under management, and David Friedman, a former aide of Las Vegas gaming magnate Sheldon Adelson, will invest up to $HK2.97 billion for a 40 per cent stake in a project controlled by Hong Kong-listed eSun Holdings, the media and entertainment arm of property group Lai Sun Development.

"The partners plan to invest about $HK15 billion in a casino resort on Macau's Cotai Strip, which will have up to 500 gaming tables, 4000 hotel rooms, a film studio and exhibition facilities. The project is expected to open in 2009.

"About $HK6 billion will be paid to the Macau Government for the 14ha site. The partners, with working capital of about $US800 million, will raise the remainder of the sum in several ways, such as high-yield bonds…"

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