SYDNEY (XFN-ASIA) - Publishing & Broadcasting Ltd, controlled by James Packer, and Hong Kong businessman Lawrence Ho's Melco International Development Ltd are planning to float their Macau joint venture on the US stock market, the Australian Financial Review reported citing unnamed sources.
The newspaper said the move is designed to raise funds to spearhead their ambition to create one of the world's biggest gaming companies.
It said PBL is working with investment banks, believed to be UBS, Citigroup and Credit Suisse, on floating a 20 pct stake in the joint venture on the Nasdaq index, a deal which would value the joint venture at more than 5 bln usd.
The report said the float is scheduled to take place before the end of the year.
It is subject to PBL and Melco receiving formal regulatory approval for a 900 mln usd deal announced in February with Las Vegas casino entrepreneur Steve Wynn, allowing the PBL/Melco joint venture to buy a full casino license in Macau.
bruce.hextall@xfn.com
blh/mas
© 2006 AFX News
