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 existing equity

The pair also outlined plans for...

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