Bloomberg News

Macau Legend Said to Plan $800 Million Casino IPO in Hong Kong

January 03, 2013

Macau Legend Said to Plan $800 Million Casino IPO in Hong Kong

A replica of a Tang Dynasty palace sits along Fisherman's Wharf in Macau. The Macau Fisherman’s Wharf complex is one of the key assets of Macau Legend Development Ltd. Photographer: Jerome Favre/Bloomberg

Macau Legend Development Ltd., the casino operator backed by former Macau lawmaker David Chow, may seek as much as $800 million in an initial public offering in Hong Kong, a person with knowledge of the matter said.

The share sale may start as early as in the second quarter, said the person, asking not to be identified because the information is private. Key assets of the company include the Landmark Macau hotel, the Pharaoh’s Palace casino and the Macau Fisherman’s Wharf complex.

CLSA Ltd. will help arrange the IPO, the person said. A spokeswoman for Macau Legend declined to comment on the share sale plan. The Apple Daily reported on the IPO yesterday, citing unidentified people.

Casino revenue surged 20 percent last month to a record 28.2 billion patacas ($3.5 billion) in the former Portuguese colony, according to data compiled by Bloomberg. Sands China Ltd. (1928), the Hong Kong-listed unit of billionaire Sheldon Adelson’s Las Vegas company, soared 67 percent in the past 12 months, while SJM Holdings Ltd. (880) gained 52 percent.

Chow served as a legislator in Macau from 2005 to 2009.

To contact the reporter on this story: Fox Hu in Hong Kong at fhu7@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net


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