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.
