Monday, June 05, 2006

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."