Casino operator wants to match rivals, improve liquidity and open up new capital pool
Last week, casino operator Melco Crown Entertainment laid down the reasons why it believes it should take a secondary listing in Hong Kong.
The NASDAQ-listed company, which is focused on developing casinos in the Macau region, says it has applied for a listing to bring it in line with its competitors, as well as to improve liquidity and open up new access to capital.
‘It is worth noting that today all other casino operators in Macau, including those from the US, have their Macau operations listed on the SEHK [Stock Exchange of Hong Kong],’ says Lawrence Ho, co-chairman and CEO of Melco Crown, in a statement.
Rival MGM China Holdings is listed in Hong Kong, while Las Vegas Sands and Wynn Resorts have units listed in the city.
Melco Crown warned that the dual listing is still in the early stages of planning and would require the approval of both the board and shareholders. As a result, the company could not give a timetable or say for sure if the listing would go ahead.
Over the weekend, Dow Jones reported that Melco Crown planned to raise up to $600 mn as part of the listing.
