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SJM debuts on Hong Kong exchange

7 July 2008

HONG KONG -- As reported by MarketWatch: "This week sees the long-awaited listing debut of billionaire tycoon Stanley Ho's Macau casino operations in Hong Kong. But punters must decide if the 'King of Gambling' is giving them a chance to participate in the industry's growth, or just to share the pain of a losing hand.

"The initial public offering on Thursday of Sociedade de Jogos de Macau (SJM) has certainly been a long time coming.

"The wait came not just because the IPO has been postponed twice in the last two years, but also because its parent STDM -- which held the Macau casino monopoly for 40 years since 1962 -- had always shied away from a listing. Unfortunately, the opportunity to buy into Ho's flagship business today has so far generated little excitement. Despite cutting the issue in half to $500 million since earlier this year and pricing it at an undemanding 10 times earnings, it is reportedly only two times subscribed..."

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