Casino Tycoon Seeks $1billion
29th November, 2007
Casino tycoon Stanley Ho is reportedly seeking to raise $1billion in an initial public offering of his gaming company. The IPO of Sociedade de Jogos de Macau is on the Hong Kong stock exchange.
Deutsche Bank, BNP Paribas and CLSA are arranging the long awaited offering, which is expected in Janurary.
It is yet to be make clear how many of the 18 casinos operated by Sociedade de Jogos de Macau will be included in the move.
A source cited in Forbes commented: "These guys are sitting on some great real estate and they know the environment they are operating in. But they need to raise money to develop their assets."
Mr Ho is known for his domination of Macao’s gaming market, which last year became the worlds largest with betting revenues reaching $7.2billion in 2006. It eclipsed the Las Vegas strip for the first time in more than 40 years.
