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发表于 25-9-2009 06:22 PM
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Quek and Chua invest US$150mil in HK IPO By YEOW POOI LING
PETALINGJAYA: Tycoons Tan Sri Quek Leng Chan and Tan Sri Chua Ma Yu have agreedto take part in the initial public offering (IPO) of Wynn Macau Ltd onthe Hong Kong Stock Exchange by investing US$80mil and US$70milrespectively.
Quek’s investment is via Guoco Management Co Ltdand GuoLine Group Management Co Ltd, which are indirect subsidiaries ofHong Leong Co (M) Bhd, while Chua’s vehicle is CMY Capital Markets SdnBhd.
It is learnt that these Malaysian parties are going inindependently. Chua is an investor and the attraction in Wynn is purelyseen as a China play.
Chua was unavailable for comment.
Inthe listing document, Wynn Macau said CMY’s stake could amount toalmost 5% of the offered shares while Guoco and GuoLine couldcollectively hold 5.3% based on a mid-point offer price of HK$9.30 andassuming the over-allotment option was not exercised.
WynnMacau, owned by US-based Wynn Resorts, is among the biggest gamingoperators in Macau and caters mainly to high-end clientele. The IPOinvolves floating 1.25 billion shares at HK$8.52-HK$10.08 each.
Otherinvestors include Hong Kong tycoons Walter Kwok and Thomas Lau, as wellas fund management company Keywise Capital Management (HK) Ltd.
Quek,the sixth richest man in Malaysia based on Forbes Asia Malaysia RichList 2009, is not new to the gaming business. His Hong Kong-listedentity, Guoco Group Ltd’s subsidiary, has gaming operations in Britain.
Chua, on the other hand, owned a stake in Star Cruises Ltd briefly in 2007.
Macauis the world’s largest gaming market based on gross gaming revenue andthe only place in China with legalised casino gaming.
Last year,Macau attracted 22.9 million visitors, mostly from Hong Kong andmainland China. The gaming market generated HK$105.6bil in gross gamingrevenue, double the amount of Las Vegas Strip. For the first sixmonths, Macau generated HK$49.9bil in gross gaming revenue. In 2008,Wynn Macau took a 16% of Macau’s table revenues and a daily gross winper gaming table of about HK$119,000. Its listing, targeted for Oct 9,will make Wynn Macau the first American company to list on the HongKong Stock Exchange.
A local research house said the IPO would unlock the value and boost the valuations of Wynn Resorts.
“Currently,the simple average price-to-earnings (PE) for 2010 of gaming companieslisted on the Hong Kong Stock Exchange is 66.9 times versus WynnResorts’ PE of 74.1 times in the United States. If Wynn Resorts’ PEwere to expand, it would also boost valuations of regional gamingcompanies,” it said.
Wynn Macau is currently adding new VIPareas with 35 more high-limit slot machines and 29 VIP table games atthe private gaming salons. These are expected to open in the firstquarter of 2010.
A new resort, Encore, is also under way, whichcosts about HK$5bil and is expected to open in the first half of nextyear. These expansions should increase Wynn Macau’s VIP table games by44%.
Meanwhile, Wynn Macau is still awaiting approval for itsapplication to lease a 52-acre site in Cotai for the development of anintegrated casino and a five-star resort.
Macau’s gamingbusiness was hurt when China, in May 2008, limited travel by itscitizens to Macau to once a month, and later extended the limit to onceevery two months.
However, there have been reports that theChinese Government was easing restrictions, starting from those inGuangdong province travelling to Macau. |
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发表于 25-9-2009 06:14 PM
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