Tag: gaming

The Macau casino and resorts operator seeks to raise up to $1.63 billion from a Hong Kong listing, but won't get to keep any of that money. Has the gambling hub of the east finally run out of good news? The downsized $257 million placement is sold at the floor price of HK$0.13. Xiashun cancels its IPO, while casino operator A-Max relaunches its placement after cutting the size by one-third. The $385 million placement will almost triple the casino operator's outstanding market cap as the company enters the junket business. The $165 million placement attracts $1.6 billion of demand following Permira's 20% investment in the Macau casino operator, but the deal is priced below the mid-point. The $840 million deal marks Permira's first direct investment in non-Japan Asia, but more are likely to follow as the firm plans to open an office in Hong Kong. Galaxy Entertainment's CFO, Nigel Morrison, discusses the flagship StarWorld property and the company's strategy for capitalising on Macau's booming gaming market. Morgan Stanley strategist Rob Hart is cautious about Macau gaming stocks. The deal comes as Genting International wins the bid for an integrated casino resort in Singapore. Separately, Champion attracts strong demand to Asia's first CB by a Reit issuer. The five-year bonds have a zero coupon and zero yield that provides the casino operator with cheap financing for its ongoing development on the Cotai Strip. Overwhelming demand allows top-end pricing for Kingboard Laminates, China Communications Services and Zhaojin Gold Mining. Several more IPOs due in the coming two weeks. The Australian competition watchdog rules against the A$2.1 billion deal due to structural concerns. The highly structured bonds are exchangeable into lottery operator Berjaya Sports and will solve the issue of an intra-group loan that has been a drag on the share price of ... The competition regulator asks Tabcorp for undertakings relating to bet pooling before its bid for Unitab can proceed. UNiTAB directors stand firm on a merger with Tattersall’s as Tabcorp writes to the company’s shareholders urging them to accept a A$2.1 billion takeover offer. Share sale follows news on casino JV spin-off and land acquisition which has helped boost the share price by 22% in four days. In what marks an unusual reversal from normal practise, an investment bank hires from a private equity firm to boost its real estate, gaming and lodging team in Asia. Investors bet the asset light company will win new licenses.