Macau-focused casino operator, Melco Crown Entertainment, has announced today plans to list its shares in the Main Board of The Stock Exchange of Hong Kong by way of introduction, commencing trading on 7 December.
Chief Executive Officer and son of Macau gambling tycoon Stanley Ho, Mr. Lawrence Ho, said in a press release: “We believe our proposed dual listing on the local bourse will not only put us on a par with our competitors, but will also provide our existing shareholders with enhanced liquidity and enable local and Asian investors to directly access investment opportunities in our Company, thus broadening our investor base.”
The statement also reveals Credit Suisse and Deutsche Bank are to act as market makers and sponsor the listing which will have a Hong Kong-listed share code name of 6883.HK.
The news means Melco Crown must have dropped its original plan to raise between US$400 million and US$600 million from an initial public offering in Hong Kong, which was reported by Dow Jones Newswires last month.
In other Macau and stock related news, Wynn Resorts gained almost 8% in stocks on Monday as an analyst upgraded the casino operator, adding $8.35, or 7.8% to $115.37 in morning trading.
According to a report by the Associated Press, the upgrade came as a result of its “continued strength in Macau” and the “ongoing recovery of the Las Vegas gambling market”.
The resorts’ rating was boosted from “hold” to “buy” by Dennis Forst of KeyBanc Capital Markets due to his belief that Macau will see great potential for the company next year, saying “it remains the most vibrant gaming locale in the world with both visitation and spend per visit continuing to improve.”
Forst also said Wynn Resorts has an advantage in its home town of Vegas because it caters to high-end customers.
Wynn Resorts’ stock has traded in a range of $99.21 to $172.58 over the past year.