Macau junket room promoter Iao Kun Group Holding Co Ltd has made a formal application to list in Hong Kong, it said in a press statement issued in New York.
As GGRAsia reported on Thursday, the listing will be by “introduction”.
Iao Kun added that the application is subject to an initial three-day review by the Hong Kong Stock Exchange.
Listing by introduction is the same method used by Nasdaq-listed Macau casino developer Melco Crown Entertainment Ltd when it made a dual listing in Hong Kong in December 2011.
In such a process, a company that has shares issued on another exchange can – subject to local regulatory approval – list its shares in Hong Kong without raising new funds or issuing new shares.
Asia Entertainment & Resources Ltd – as Iao Kun was previously known – had an initial public offering on Nasdaq on August 15, 2008, with a launch priced at US$6.00 per share. At the close of business on Thursday New York time, Iao Kun was trading at US$3.06 per share, a fall of 2.24 percent on the day.
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"The casinos have to operate 24 hours a day, 365 days a year. The decision [to suspend casino operations] is up to the government. As of now, we don’t have any plan to change the existing regulations"
Lei Wai Nong
Macau Secretary for Economy and Finance