melco-crown-taps-market-for-75-million

Melco Crown taps market for $75 million

The US-listed casino operator also issues additional shares to its parent companies for a total fundraising of $165 million.

Melco Crown Entertainment, an owner and operator of casinos and other entertainment venues in Macau, last night raised $75 million from a follow-on sale of 18.75 million new American depositary shares that was upsized by 25% due to strong demand both from Asia and the US, according to a company statement.

The Nasdaq-listed company also sold an additional 67.5 million ordinary shares to a special purpose vehicle jointly owned by its two largest shareholders -- Hong Kong-listed Melco International Development and James Packer's Australian casino business Crown Limited -- allowing it to raise a combined $165 million, or $180 million if the overallotment option attracted to the public placement is exercised in full.

The...

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