News

Hotels & Tourism

Staff Reporter

, Hong Kong

Published:

11 years ago

Macau Legend slashes IPO size by half

Could still raise US$361 million.

Macau Legend Development Ltd., is now offering 934.8 million shares, compared to the 2.05 billion it earlier planned to sell. The price range is unchanged at HK$2.30 to HK$2.98 a share. Trading is expected to start July 5 in Hong Kong.

Macau Legend operates casino venues under SJM Holdings Ltd. Among the company’s casinos are the Landmark Macau hotel, the Pharaoh’s Palace casino and the Macau Fisherman’s Wharf complex. Macau Legend doesn’t have a casino license of its own.

Analysts said it cut the size of its IPO after Asian markets dropped due to a cash crunch in China over the past weekend. The crisis could slow economic growth in China.

Mainland Chinese tourists have helped turn Macau into the world’s largest gambling hub, with US$38 billion in casino revenue last year, more than six times the Las Vegas Strip.

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