Melco PBL raise $160 million

The joint gaming venture between Publishing and Broadcasting Ltd and Melco International, Melco PBL, has raised $160 million through an offering of shares to the underwriters of its initial public offering (IPO). Melco PBL announced that they have sold 9.03 million American Depositary Shares (ADSs) to the underwriters for $19 each, having exercised the over-allotment option.

The funds raised by Melco PBL will used to cover costs of building three new casinos in Macau, China.

The Crown Macau, costing approximately $512.6 million, is set be built by mid-2007. Melco PBL’s City of Dreams, a much larger project costing £2.1 billion, is planned to be open by late 2008. A further casino project is also planned for 2009, with the location still being decided.

PBL chief executive James Packer has declared that the venture will also continue to look for further opportunities in Asia, where the popularity of gambling is soaring. At present, the venture runs six Mocha Clubs in Macau with over 1,000 slot machines.

Editor, - 2007-01-10 11:25:01

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