The joint venture partnership of Publishing and Broadcasting Limited (PBL) and Melco International Development Limited (Melco) was part of a consortium bidding for the second Singapore integrated casino licence. Following Friday’s announcement by the Singapore Government that Genting International and Star Cruises would be developing the Sentosa Island site, Melco PBL Entertainment (MPE) will now be concentrating on its imminent Nasdaq listing.

PBL and Melco are seeking a partial listing on Nasdaq of their Macau gaming assets. They hope to raise around US$1.1 billion to fund three casino projects in the Chinese gaming enclave. In October PBL announced a deal with a private equity firm, transferring its media assets to provide some US$4 billion in cash for further gaming expansion overseas. MPE share value has already been revised upwards and the fact that it will not be part of the Singapore development is not expected to impact on its Nasdaq listing in the United States.

The Executive Chairman of PBL, James Packer, commented that he had been enormously impressed by the Eight Wonder concept conceived by Mark Advent and by the depth of creative talent, energy and professionalism of the consortium partners. He added that the participation by the Melco/PBL joint venture in the bidding process for Singapore’s second casino licence had been a valuable experience and said that Melco/PBL would continue to seek further opportunities for investment in the rapidly expanding Asian gaming, hospitality and entertainment markets. (E-12.11.06)

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