Melco funds casino JV

Stanley Ho group raises equity financing for Macau casino and hotel JV.

Melco International Development raised HK$1.277 billion $164 million yesterday May 17 via a 70 million share top up placement led by Credit Suisse First Boston. Proceeds are being used to fund an acquisition in Macau the group sealed last Thursday in association with Australia's Publishing Broadcasting group, owned by Kerry Packer.

The stock has been suspended since May 10 pending the announcement of a $214 million deal to acquire a 25-year lease from the government to develop a 113,325 million square plot on the Cotai Strip. The two groups have established a joint venture to build an underwater casino with 450 gaming tables and 3,000 slot machines, plus a four...

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