International edition
October 27, 2021

Some potential backers considered the IPO too expensive

Macau casino giant delays Hong Kong listing

(Macau).- The casino arm of Macau billionaire Stanley Ho’;s business empire delayed a proposed us$ 1 billion listing in Hong Kong. "The offering has been delayed and it won’;t come to market before the Lunar New Year," said a source close to the deal, according to the South China Morning Post.

S

ociedade de Jogos de Macau (SJM) scrapped Tuesday’s launch of its global roadshow and meetings with local investors as some potential backers considered the IPO too expensive, the newspaper said, citing unidentified sources.

The English-language daily also said the city’s financial markets regulator, the Securities and Futures Commission, was seeking additional information from the company, again citing unnamed sources.

SJM hoped to use the cash to fund its aggressive new expansion in the booming gaming enclave of Macau, which overtook the Las Vegas Strip in 2006 in the amount of gaming revenues.

Ho used to operate a monopoly in the former Portuguese colony, but the market was liberalized in 2002, allowing huge American operators like Las Vegas Sand and Wynn to erode the mogul’s market share. No-one from SJM was immediately available for comment.

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