Macau Legend Plans New Share Sale

Fri, Jan 24, 2014

Six months after its Hong Kong IPO, gaming and hotel operator Macau Legend Development is returning to investors to raise another $174 million. The money is earmarked for a redevelopment of the company’s Fisherman’s Wharf entertainment complex. Japanese pachinko giant Dynam Holdings is a major subscriber.

Gaming and leisure operator Macau Legend Development is looking to raise HK.5 billion (US4 million) with a placement of new shares.

The company, which went public on the Hong Kong Stock Exchange in July, will sell as many as 188 million shares at HK$7.25 each to cover about 58 percent of the US$300 million slated to remake the Fisherman’s Wharf gaming, hotel and entertainment complex the company owns on Macau’s Outer Harbour.

Fisherman’s Wharf will focus more on mass-market gamblers instead of high-stakes bettors, the company says, and it expects to deploy a total of 500 gaming tables there by 2016.

Japanese pachinko giant Dynam Japan Holdings has subscribed to HK$387.5 million of the offering as part of a strategic partnership with Macau Legend to operate machine gaming at the new Fisherman’s Wharf.

Across town the company recently completed a refurbishment of its Landmark Hotel, which contains a casino called Pharaoh’s Palace that operates as a sub-licensee of SJM Holdings. The company also operates an SJM satellite called Babylon at Fisherman’s Wharf. The company says it also plans to diversify into VIP junket operations.

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