Stanley Ho looking to expand in Macau

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Created on Thursday, 03 July 2008 12:59

SJM Holdings Ltd., Stanley Ho´s front end for his casino operations and Macau's biggest  casino operator, raised HK$3.85 billion ($494 million) in a Hong Kong initial public offering.

The Macau-based company, part-owned by 86-year-old multi-billionaire Stanley Ho, sold 1.25 billion new shares at HK$3.08 a piece. 

SJM Holdings runs 19 of the 29 casinos in Macau, was seeking finanace up to HK$5.1 billion in the Initial Public Offreing. The share price values SJM, with a 28% share of Macau's gaming receipts in Q1 2008, at 10 times its earnings per share.
Deutsche Bank AG managed the share sale. Watch this space for more casinos in Macau from Stanley Ho.