Dynam buys into Macau Legend IPO


Pachinko operator Dynam Japan Holdings Co.’s Hong Kong unit is to invest $35 million to be a cornerstone investor in Macau Legend Development Ltd.’s initial public offering. Macau Legend is offering 2.05 billion shares at a price range of HK$2.30 to HK$2.98 a piece, equivalent to potential proceeds of $788 million at the top end. Most of the funds will be used to build three new hotels at Macau Fisherman’s Wharf,  the Prague Harbor View, the Legendale and the Palace, with a combined 1,272 rooms.  The filing shows the company hopes to add 350 tables to its existing 23 at Fisherman’s Wharf, divided between 209 new mass tables and 141 VIP. The prospectus shows Macau Legend generated HK$1.11 billion in revenue from gaming services last year, up 4 percent from a year before, out of HK$1.5 billion in total revenue in 2012. It said the company’s Pharaoh’s Palace Casino achieved average net win per table of HK$164,100 in 2012, with HK$267,930 at VIP tables and HK$71,012 at mass tables. Macau Legend’s customer loyalty program has 1.62 million mass market members and 12,000 premium mass members.