Macau Legend Development plans to sell US$300 million in new shares to fund the redevelopment of the company’s Fisherman’s Wharf gaming and entertainment complex on Macau’s Outer Harbor.
The sale, the second for Macau Legend in as many months—the company raised $238 million in an initial public offering on the Hong Kong Stock Exchange in July—will be combined with debt to build new hotels and attractions and add casino space to the sprawling outdoor venue, according to a Bloomberg report. Plans ultimately are to spend about $1 billion at the site, the company says.
The company will work with CLSA, Citic Securities and Credit Suisse Group on the share sale, which could take place as soon as early next year and will raise Macau Legend’s public float to about 25to 26 percent from the current 15 percent to 16 percent, Co-Chairman Carl Tong told Bloomberg. The company is also looking to refinance existing syndicated loans, he said.
The company also owns the Landmark Macau on the Macau peninsula and operates a casino there, Pharaoh’s Palace, under a sub-licensing agreement with gaming concessionaire SJM.
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