Packer, Ho Hit Jackpot
As reported by the Australian: "Three months after James Packer and his Hong Kong joint venture partner Lawrence Ho agreed to spend $US900 million ($1.2 billion) buying a Macau casino licence, it is now valued at $US1.36 billion. "The valuation, done by Hong Kong firm American Appraisal, was released to the Hong Kong Stock Exchange this week as Mr Ho's company Melco moved to raise $200 million to help fund its Macau casino ventures. ".A full casino licence, which will extend to June 2022, will allow the partners to open as many casinos with as many gaming tables and poker machines as they like in Macau.
"The valuation report estimates that their Macau casino licence could be worth anywhere from $US865 million, in a worst case scenario, to a high of $US1.928 billion.
".PBL and Melco are building a $300 million six-star Crown Macau hotel-casino, which is expected to open in April next year."