Hong Kong-listed Louis XIII Holdings Ltd on Monday said a series of capital-raising exercises since December 19 and concluded on January 16, had raised approximately HKD2.17 billion (US$280 million) gross, or HKD2.09 billion net of fees and costs.
The company is developing a boutique casino called Casino Louis XIII (pictured) on the edge of Macau’s Cotai district.
The firm said that around HKD1.43 billion of the net proceeds from the placing exercise is intended for “the contemplated design upgrades related to the fit out of the interiors of the hotel development” and HKD530 million “for the contemplated upgrades to the hotel’s furniture, fixtures and equipment”.
The fund raising exercise involved placement of placing shares at HK$3.00 per unit, and HK$755.3 million placed in convertible bonds. The placing agent was Hong Kong-based CLSA Ltd.
During trading in Hong Kong on Monday, the firm’s stock stood at HKD3.55 per unit as of lunch time, a fall of 3.79 percent on Friday’s closing price.
The capital costs of the project were in 2013 estimated at US$800 million.
Casino Louis XIII will operate 66 gaming tables (50 premium mass and 16 VIP), according to previous regulatory filings.
The developer has said it plans to use the gaming licence of an existing Macau operator, but hasn’t said which one.
Aug 09, 2022Starting from 1am on Tuesday (August 9), most travelling directly by air or sea to Macau from mainland China are required to take a nucleic acid test (NAT) upon arrival, plus another such test within...
Aug 09, 2022
”I believe it will take more than the offered concession term, 10 years, to see an appreciable increase in inflows of tourists [to Macau] from countries outside the existing tourist catchment areas”
Gaming and governance consultant at Newpage Consulting