Melco Crown Entertainment (MCE) plans to raise between $400 million and $600 million in a Hong Kong share sale later this year. The offer will be launched in the fourth quarter,Dow Jones Newswiresreported.
The company, a joint venture between Lawrence Ho and Australian James Packer, announced in June a $360 million investment for a 60% share in Macau Studio City, a large scale integrated gaming, retail and entertainment resort to be developed in Macau jointly by MCE and New Cotai Holdings. The company plans to spend $1.7 billion developing the 2,000-room resort, with construction starting as early as next year to meet a 2015 completion target.
MCE, which is already listed on Nasdaq said the proposed dual listing would give Asian investors convenient access to the stock and level the playing field with other Macau casino operators such as MGM, Sands and Wynn, each of which has Hong Kong listings.
"We believe our proposed dual listing on the local bourse will not only put us on par with our competitors but will also provide our existing shareholders with much enhanced liquidity, while providing us with access to an additional source of capital," Ho said in a statement.
Melco targets $600 million in HK share sale
August 5, 2011