Casino company Macau Legend Development Ltd said it intended to gather USD 300 million through a share sale for its redevelopment plans. In an interview with Bloomberg, Macau Legend Co-Chariman Carl Tong said they would be spending USD 1 billion to overhaul the Fisherman's Wharf gaming complex. Tong said funds for the revamp would come through the selling of shares and raising debt.
Tong added that the sale of the shares could happen early next year. It also planned to refinance its existing loans to further finance the project. The redevelopment of Fisherman's Wharf was set for completion in 2016. When finished, it would have 500 gaming tables to cater to mass market gamblers.
Macau Legend was able to raise HKD 2.19 billion or USD 282 million in its IPO in June. Its originally targeted HKD 4.4 billion for the IPO, most of the proceeds of which would be earmarked for the redevelopment of Fisherman's Wharf.
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