Macau Legend plans share sale

Macau Legend Development Limited, which operates casinos under the license of SJM Holdings Limited, announced that it planned to raise $300 million in a share sale. The money would be used to revamp its gaming operations at Fisherman’s Wharf in Macau, said company co-chairman, Carl Tong, in an interview in Tokyo.

Macau Legend originally planned to raise around $560 million with its IPO in June, but halved its target to raise $282 million.  The share sale could take place early next year and the company also plans to refinance some of its syndicated loans through debt issuance, said Tong.  Shares in Macau Legend fell 5.1 percent to 2.96 at the close of Hong Kong trading, but are still 26 percent above the IPO price.  The company plans to spend around $1 billion on the redevelopment at Fisherman’s Wharf.