- The Lobby
- Extra Times
Macau Legend Seeks USD788 Million in Hong Kong IPO to Fund Hotels
Macau Legend Development Ltd., the casino operator backed by former Macau lawmaker David Chow, is seeking as much as USD788 million in an initial public offering to finance new hotels in the world’s biggest gaming hub. The company is offering 2.05 billion shares in Hong Kong at HK$2.30 (30 cents) to HK$2.98 apiece, according to a term sheet obtained by Bloomberg News. New stock accounts for about 86 percent of the sale, the terms show.
Macau Legend, which operates casino venues under SJM Holdings Ltd., is starting the biggest gaming IPO in Hong Kong since MGM China Holdings Ltd.’s $1.6 billion offering in May 2011. The company doesn’t have a casino license of its own, according to a filing to the Hong Kong stock exchange Friday. Dynam Hong Kong Co. is investing $35 million in the IPO as a cornerstone investor, the terms show. CLSA Ltd., Citic Securities Co. and Credit Suisse Group AG are among banks managing the sale, according to the terms.
Macau Legend is starting the biggest gaming IPO in Hong Kong since May 2011
Macau Legend plans to use about 37 percent of the IPO proceeds to finance construction of the Prague Harbor View Hotel. Another 30 percent will be used for the Palace Hotel, the terms show. Macau Legend shares will start trading on Jun 27, according to the terms. Key assets of the company include the Landmark Macau hotel, the Pharaoh’s Palace casino and the Macau Fisherman’s Wharf complex, today’s exchange filing shows.
SJM is one of just six operators in Macau that have government permission to run their own casinos. It operates some casinos in partnership with companies that don’t have their own licenses. Chow served as a legislator in Macau from 2005 to 2009.
Responsible Right of Expression — In the interest of freedom of expression, coupled with a true sense of responsibility to encourage community dialogue, the Macau Daily Times offers its readers the opportunity to express their opinions on new-related matters through this website. All opinions are welcome. However, we reserve the right to remove comments that are deemed to be obscene, or are merely insults written under the cloak of anonymity. MDT
- SUNDAY AT THE COTAI ARENA: The Stones land today in Macau for historic concert
- Forbes explores the city beyond the baccarat tables
- EDUCATION: Zhuhai school caters to study-abroad fever
- Taipa Central Park swimming pool to be completed this year
- IACM to kick off Green Week 2014
- Industry wants tougher penalties for hiring illegal drivers
- ANM asks gov’t to clarify its plan on Tap Seac ‘Glass House’
- BRIEFS: Cocaine smuggled inside six paintings
- Local flights to Vietnam to be resumed
- 25th Macau Arts Festival promises over 200 events in 16 locations
- MUST Career Fair: Employers say attitude is “most important factor” to be successful
- Lao Iong to lead Urban Planning Committee
- Delegates in Beijing request more land resources for Macau
- Money laundering prevalent in both SARs
- BRIEFS: Bus driver jailed for drunk-driving