HK PRESS: Macau Casino Operator Plans HK Share Offering (SJM)

(source: Dow Jones October 25, 2005)

HK PRESS: Macau Casino Operator Plans HK Share Offering
HONG KONG (Dow Jones)–A Macau casino operator controlled by gaming mogul Stanley Ho is seeking to list on the Hong Kong stock exchange, the Hong Kong Economic Journal reports.

Citing sources, the newspaper says that Sociedade de Jogos de Macau, SA, or SJM – which holds one of Macau’s three gaming concessions to operate casinos in the city – has been reorganizing the company’s businesses and has formed a holding company in preparation for its proposed listing.

SJM will need to secure approval from the Macau government before it can proceed with its listing, the report says. Any changes over 5% in the shareholding structure of a casino concession holder must receive regulatory approval.

The approval process is complicated and will take SJM “longer than usual” to list its shares, when compared with other Macau-related companies that listed in Hong Kong, the newspaper says.

SJM is a unit of conglomerate Sociedade De Turismo e Diversoes De Macau, the city’s largest company by assets that is controlled by Stanley Ho. It operates 16 casinos in Macau.

Other shareholders include Hong Kong-listed Shun Tak Holdings Ltd. (0242.HK), which is also controlled by Ho’s family, and Cheng Yu-tung, chairman of Hong Kong property developer New World Development Co. (0017.HK).

SJM was granted a license to operate casinos in Macau in 2002, after the city liberalized its gaming market. Previously, its parent company STDM had a monopoly in the gaming market for about 40 years.

The other licenses are held by two consortia led by Sheldon Adelson, owner of the Venetian in Las Vegas, and Steve Wynn, of U.S.-based Wynn Resorts.

Date Posted: 25-Oct-2005

2021-07-23T15:13:57+00:00