Robin Camacho
Las Vegas Real Estate
David McKee
Stiffs & Georges
Jean Scott
Frugal Vegas
Cannery Casino Resorts (29) [RSS]
Melco Crown Entertainment (29) [RSS]
Morgans Hotel Group (32) [RSS]
Pinnacle Entertainment (60) [RSS]
Tropicana Entertainment (90) [RSS]
World Series of Poker (6) [RSS]
Illinois: No country for big casinos
JohnTerez said: What your name? , <a href="http://pdabooks.org/membe... noir wine&l... [More]
Nevada: The Stupid State
PortoM0n said: Don't go far away. , <a href="http://cool-wallpapers.ev... cool wall... [More]
They burned the Monte Carlo ... and may get away with it
JohnTerez said: Try see it. , <a href="http://smart.fm/lists/152... glass supplies</a>... [More]
Nevada: The Stupid State
PortoM0n said: Hi brothers and sisters! , <a href="http://boxesandarrows.com...... [More]
They burned the Monte Carlo ... and may get away with it
SoloJ3ss said: Great... , <a href="http://boxesandarrows.com... to make deer a... [More]
Enter your email address to subscribe to this blog.
alex yemenidjian ameristar animals architecture atlantic city australia baseball boulder strip boyd gaming california cannery casino resorts carl icahn charity cirque du soleil citycenter colony capital colorado columbia sussex cosmopolitan current detroit dining don barden donald trump downtown economy election encore entertainment environment florida fontainebleau g2e george maloof harrah's harry reid herbst gaming horseracing igt illinois indiana international internet gambling isle of capri james packer kansas kentucky labor lake tahoe laughlin lawrence ho louisiana lvcva m resort macau marketing massachusetts melco crown entertainment mesquite mgm mirage michael gaughan mississippi missouri monte carlo fire morgans hotel group movies neil bluhm ohio oscar goodman penn national pennsylvania pets phil ruffin pinnacle entertainment planet hollywood politics problem gambling regulation reno riviera sahara sheldon adelson singapore sports stanley ho station casinos steve wynn tamares group taxes technology the strip tilman fertitta tourism transportation tribal tropicana entertainment tv wall street
Posted At : June 24, 2008 12:49 PM | Posted By : D McKee
Related Categories:
Macau,Sheldon Adelson,Stanley Ho,Steve Wynn
Sociedade de Jogos de Macau (SJM) Holdings Ltd., the gambling arm of the business octopus that is Stanley Ho, has finally rolled out its long-ballyhooed IPO, prompting a yawn from the market. Ho hopes to scare up between $454 million and $654 million (a big comedown from his initial target of $1 billion) but, given the sums being invested in Macao by his competitors, even hitting the high end of the projection may turn out to be chump change. When a Las Vegas Sands or Wynn Resorts can pump billions into the Macanese market, Stanley Ho threatening to bring $650 million in investment capital to bear is like using a cap gun to take down a lion.
Market skepticism is evident in the fact that SJM shares are expected to trade at a P/E ration that's half to a third of their competitors' -- and an eight of the ratio at which Sands. It's a bitter victory of sorts for Ho's estranged sister, Winnie. Her litigation against old Stanley kept his IPO off the market for months on end. Now that it's finally out there, Winnie can presumably gloat over the downsized return that the market expects.
Don't count Stanley Ho out, of course. He's got a high-end club, L'Hermitage, on the way this fal. Still, with only 40% of the IPO's proceeds earmarked for construction, Ho's going to have a hard time shaking his image as a bottom feeder par excellence. He could pull a Crown Macau-style palace out of his hat -- but it's highly doubtful.
Print | 
Send to Friend | 
del.icio.us | 
Digg It! | 
Linking Blogs |
There are no comments for this entry.
[Add Comment]