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Melco and PBL Launch IPO on Nasdaq

Monday, December 18, 2006

MACAU – As reported by the China Standard: "Just a few years ago, the lone taxi stand at Macau's ferry terminal was nearly always crammed with visitors from Hong Kong. Their destination:Publishing & Broadcasting Ltd looks to build 3rd casino in Macau.
Publishing & Broadcasting Ltd looks to build 3rd casino in Macau.
  the famed Casino Lisboa, the island's flagship casino run by gaming magnate Stanley Ho Hung-sun.

Today, visitors, now including scores of mainlanders, have a choice of shiny, new Vegas-style casinos that have recently opened, two of which are expected to benefit from a Nasdaq initial public offering this week.

"…Melco and its joint venture partner, Australia's Publishing and Broadcasting Ltd, which is building two massive Macau casinos, are gearing up to sell up to US$1 billion (HK$7.8 billion) worth of American depositary shares on Nasdaq this week.

"The IPO is going to market at a time when Macau gaming stocks are demanding top dollar. Melco has jumped 250 percent since year-end 2005; Galaxy is up 80 percent; Wynn has risen 75 percent; and Las Vegas Sands has more than doubled in the past 12 months.

"The gains reflect investor fever for the red-hot market in Macau, the only place in China where Vegas-style casino gambling is legal.

"The Melco PBL listing will be the first pure Macau gaming play listed in the United States.

"The joint venture also owns a chain of slot-machine cafes, called Mocha Slot Clubs.

"Post-listing, the joint venture Melco PBL Entertainment must compete for investor attention with rivals Wynn and LV Sands, the only US-listed stocks with exposure to the world's fastest- growing gaming market.

"Melco is selling 53 million American depositary shares on Nasdaq, to be priced between US$16 to US$18 each. Each ADS represents three ordinary shares, which currently trade for around HK$22…."

 
Publishing & Broadcasting Ltd.
2nd Floor, 54 Park Street
Sydney, NSW 2000
Phone: (02) 9282 8000
Fax: (02) 9282 8828
Website: www.pbl.com.au
PBL is one of Australia’s largest diversified media and entertainment groups. PBL owns and operates two of Australia’s leading gaming and entertainment complexes, Crown in Melbourne and Burswood in Perth.
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