HONG KONG Casino operator Macau Legend Development Ltd has kicked off pre-marketing for its planned approximately $600 million Hong Kong initial public offering, a term sheet for the offer seen by Reuters showed on Monday.
The company, which owns Macau Fisherman's Wharf, Landmark Macau and Pharaoh's Palace Casino, plans to price the IPO on June 21, with listing scheduled for June 27, the terms showed. The IPO consists of 100 percent primary shares and would value the company at $2.4 billion.
Gambling revenue in Macau, the world's biggest gaming destination, rose 13.2 percent in April from a year ago to $3.5 billion, buoyed by strong demand from wealthy Chinese customers.
CLSA is the sole sponsor for the offer.
(Reporting by Vikram Subhedar; Editing by Chris Gallagher)