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***GambLux EDITOR NEWS*** |
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Macau casino operator Melco raises over $1 billion in US IPO
[Monday, February 05, 2007]
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Melco PBL, one of Macau's leading casino operators, has recently raised over
$1.14 billion in a public share offering on Nasdaq. The money is due to be used for building new casinos in Macau. This is a joint venture run by the sons of Australian media magnate Kerry Packer and Macau casino tycoon Stanley Ho. China is gambling-mad, but Macau is the only place where casinos are legal.
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American investors lost no time in grabbing Melco PBL's offer of 60.25 million American Depositary Shares, which had risen from 53 million. The offering sold for $19 per share compared with a forecast of $16-$18. The reason for optimism is well-founded.
If Atlantic City represents a $5 billion market and it has only 10 million people within a three-hour drive, then Macau has great potential. Today it represents a $5.5 billion market - yet it has 100 million people living within a three-hour drive, and 1 billion people who live within a three-hour flight.
Macau is rapidly changing its former, very dubious image. It used to be known for massage parlors and triad gangs. However international gaming companies are pooling vast resources into this 27 sq km territory, turning it into a Vegas-style entertainment center that attracts conference goers and families. By all accounts, Macau has already surpassed Vegas for its annual visitors.
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