Ho and Packer reveal Macau casino plan

Duo acquire rights to a 25-year renewable lease on the Cotai Strip for $214 million.

Six months after signing a joint venture, gambling magnates Stanley Ho and Kerry Packer have announced plans for an underwater casino in Macau. The duo sealed a deal with the Macau Government last week acquiring rights to a 25-year continuously renewable lease for 113,325 square metres of land on the Cotai Strip.

The JV - between Australian Kerry Packer's Publishing and Broadcasting Limited PBL and Ho's Hong Kong listed Melco International Development - will pay $214 million for the land, which includes a land development premium of about $64 million payable to the Macau authorities.

The amount will be funded by the JV through debt financing and...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222