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Ho's Macau Gambling Empire Goes Public



Printer Friendly VersionPost a CommentTell a Friend about this Article09 January 2008
As reported by: Forbes
Sociedade de Jogos de Macau, Macau's dominant gaming group, controlled by casino tycoon Stanley Ho, kicked off an informal road show in Hong Kong this week, getting set for its initial public offering, aiming to raise up to U.S.$1 billion.

SJM plans to issue 1.25 billion new shares, accounting for about 25% of its enlarged share capital. Among the new shares, 85% will be sold to institutional investors, and 5% will be reserved for employees, leaving 10% available to the general public.

Deutsche Bank (nyse: DB - news - people ) has been appointed as manager for the global offering to institutional investors on Jan. 15, the public offering on Jan. 21 and the debut of trading scheduled for Feb. 1, according to the South China Morning Post.

SJM is the largest casino operator in Macau, running 17 of the total 28 casinos in the enclave. The gaming company said earlier that it would use the sale proceeds to redevelop the 38-year-old Hotel Lisboa Macau and casino, a local landmark, which is widely believed to be designed like a bird cage to trap gamblers' money according to the art of feng shui.

The rebuilding project, involving a floor area of 17,500 square meters (188,368 square feet), will get under way in 2009 and is expected to be completed in 2012. Amid strong competition from American casino groups such as Sands and MGM, the redevelopment of Hotel Lisboa Macau and casino and the IPO in Hong Kong are both critical to SJM.


Article By: Forbes

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