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Vietnam casino developer eyes one billion dollar HK IPO
HONG KONG, Oct 6 (Reuters) - A Canadian firm developing an ocean-front casino complex in Vietnam hopes to raise $1 billion in a Hong Kong IPO in the next two years, a local newspaper reported, despite signs of weakening Asian gambling revenue.
Asian Coast Development and investor Harbinger Capital began work on their $4.2 billion Ho Tram Strip project in May, hoping to open in two years and target mainly Chinese gamblers. [ID:nHAN219691]
The South China Morning Post cited chairman Mike Aymong as saying on Monday he would prefer a Hong Kong share offering because of strong investor appetite there for gambling firms.
Aymong was also quoted as saying the firm had prepared an $800 million to $900 million debt offering, but planned to ride out the global financial storm before taking it to market.
"You'd have to be a fool not to be concerned about the marketplace, so we just have to pick our timing and pick our price," the newspaper cited Aymong as saying.
"We've got enough money where we can start the pre-construction and start building, and when the market opens back up, we'll go out and do the debt offering."
Analysts point out that explosive growth in Asian gambling -- fuelled by increasingly wealthy Chinese gamers -- may be decelerating.
Citigroup estimated on Monday that year-on-year gambling revenue in Macau, the region's gambling capital, fell 3 percent in September, the first fall since January 2006.
The bank cited restrictions on visas granted to residents of the southern Chinese province of Guangdong, a major source of gamers for the former Portugese enclave, the only city in China that permits gambling.
Investor demand for gambling-focused firms has also waned in past months. In July, the much-anticipated debut of tycoon Stanley Ho's gaming flagship, SJM Holdings (0880.HK), disappointed investors when its shares dipped 1.3 percent below its offering price on its first day.
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Online Video Poker
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Your Casino Guide
Your Casino Guide made easy. There are several considerations to make when choosing a casino. These considerations will help in determining the best casino for yo
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Baccarat Guide
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Resorts World at Sentosa to open in 2010
PETALING JAYA: Genting International plc’s unit Resorts World at Sentosa Pte Ltd will embark on an aggressive marketing campaign to build awareness about its i
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Barack Obamas Stepmother Helping Charities Through Bingo
Barack Obama’s stepmother has presented a cheque for £20,000 to the Sue Ryder Care Hospice in Nettlebed.
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All About Online Poker
Millions of people woke up on the morning of October 1, 2006 to fi nd something they cared about attacked by the United States government. For some, it was a h
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Jackpot winner in the house
The lucky jackpot winner comes from Toronto, Canada this time. Her name is Nadine T. and she is a long time member at the CSCasino and she played the Rags to Riches
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JackpotCity dot com Online Bingo Raises Over Australian dollars 10,000 for Cystic Fibrosis Trust
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New Zealand launches TAB investigation
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Online gamblers being rejected for mortgages in Ireland
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Women wins over EUR 850,000 on progressive
STANMORE, England -- (PRESS RELEASE) -- On March 4, 2009, Karola H became the Fortune Lounge Group of Online Casino's biggest winner in a progressive jackpot slo
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DEQ Systems Corporation Las Vegas Adopts EZ Baccarat
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Online Casino Ban in Cuba
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Casino Dollars Give Macau Top Spot in Asia
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Casino Buenos Aires wins tender for floating casino.
Casino Buenos Aires, controlled by Cirsa Business Corp. (Spain) won the tender to set up a floating casino in the Plata river facing Buenos Aires. Cirsa
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New Online Casino by Club World Group
The Club World Group, a largest casino group has planned to launch an online casino. It is called AlladinsGoldCasino.com. The casino is ba
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Lasseters Online Casino Offers Unforgettable Australian Trip
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Makeover At William Hill Online Casino
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Casino winnings plunge over 14 percent in January
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Vietnam casino developer eyes one billion dollar HK IPO
HONG KONG, Oct 6 (Reuters) - A Canadian firm developing an ocean-front casino complex in Vietnam hopes to raise $1 billion in a Hong Kong IPO in the next
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Thai casino plan provoke
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Latest touchscreen Roulette is automatic choice for casinos and arcades
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Fountainbleau Casino is expected to be opened in late 2009
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HONG KONG, Oct 6 (Reuters) - A Canadian firm developing" >
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