News

Markets & Investing

Staff Reporter

, Hong Kong

Published:

11 years ago

Macau Legend to do Hong Kong IPO

The casino operator could start the share sale in the second quarter.

Macau Legend Development Ltd. could make as much as US$800 million from its planned initial public offering in Hong Kong. Investment banker CLSA Ltd. will help arrange the IPO.

Macau Legend owns Landmark Macau, Pharaoh's Palace Casino and the Macau Fisherman's Wharf complex, an entertainment complex that includes restaurants and a theme park. Its casino revenue in Macau jumped 20% in December to a record US$3.5 billion.

Analysts, however, believe the new IPO might not be able to command a very high valuation because Macau Legend is perceived more as an entertainment company running a theme park than a casino operator. Macau Legend also doesn’t own any casino license. It runs the casinos through SJM’s licence.

Macau, the world's largest casino market, took in US$38 billion in gambling revenue in 2012 after monthly revenues for December hit a record.

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