• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau’s Louis XIII raising US$390 mln in shares, bonds

Nov 21, 2014 Newsdesk Latest News, Macau, Top of the deck  


Macau’s Louis XIII raising US$390 mln in shares, bonds

The holding company of boutique Macau casino hotel project Louis XIII (pictured) is seeking to raise up to HKD3.03 billion (US$390.7 million) in additional funds through the placing of shares and convertible bonds. Brokerage CLSA is acting as the placing agent.

Approximately HKD1.43 billion of the new money is for “contemplated design upgrades related to the fit out of the interiors of the hotel development in Macau,” said Louis XIII Holdings Ltd in a filing on Thursday.

The initial fundraising target is HKD1.56 billion through the placing of shares and convertible bonds, with an upsize option of up to HKD780million. The placing price range is HKD3.00 to HKD4.00 per placing share, while the conversion price of the placing convertible bonds will be the same as the placing price.

In a separate filing of its interim results the same day, the holding firm said it had made “substantial progress” on the casino project during the six months to September 30.

It added: “Detailed design work for the [casino] hotel is now approximately 85 percent completed. The group is well positioned to hit its target of completing approximately 75 percent of the tender process by the end of 2014.”

Capital costs of the project were last year estimated at US$800 million.

Casino Louis XIII will operate 66 gaming tables (50 premium mass and 16 VIP) according to previous regulatory filings. It will do so under a so-called ‘service agreement’ with an existing Macau concessionaire or sub-concessionaire, although the identity of the licence provider has not so far been confirmed by the holding company.

The project – on a 65,000-square foot (6,039-sq metre) site on the border of Cotai and Coloane, is due to be completed in the middle of 2016, said Thursday’s filing.

Lower VIP level

Louis XIII Holdings has previously described the project as a niche and very upscale casino hotel property.

In a note on Wednesday, Daiwa Capital Markets analysts Jamie Soo and Adrian Chan based in Hong Kong said of the planned property: “Management noted that the minimum buy-in to even enter the property would be HKD300,000, and minimum bet per hand of HKD10,000; a far cry above current Macau premium mass floors of HKD2,000.”

In its latest results filing Louis XIII Holdings acknowledged that the anti-corruption drive in mainland China could result in the Macau market as a whole seeing a lower level of VIP revenue growth than previously.

It stated: “We believe that the anti-corruption drive will likely continue through the medium term, resulting in a rebasing of VIP revenue at a lower level before normalised growth can continue. We believe that mass segment retains solid growth fundamentals but will likely experience slower growth over the next few years due to the severe capacity constraints currently existing in Macau.”

Louis XIII Holdings also has contracts in Macau, Hong Kong and Singapore for services ranging from construction to civil engineering and property management.

The loss attributable to owners of the company for the six months to September 30 narrowed by 65 percent year-on-year to approximately HKD18 million, due mainly to an increase in gross profit and savings in operating costs, the firm said. Basic loss per share was HKD0.04.

For the six months to September 30, the group recorded a consolidated turnover including joint operations of approximately HKD3.65 billion, a year-on-year decrease of 12 percent, “due primarily to the group’s cautious tendering approach,” it stated.

Gross profit increased approximately 4 percent year-on-year to about HKD133 million due to higher margin from the group’s Macau projects.

In September Louis XIII Holdings said it had placed a US$20-million order for 30 extended-wheelbase Rolls Royce Phantom motor cars to serve its prospective casino customers – the largest such fleet in the world.


  • tweet
Related articles
  • GEN Highlands 1H visits soar y-o-y, new themed rides 4Q
    GEN Highlands 1H visits soar y-o-y, new...

    Sep 27, 2022  

  • New mainland Covid cases brake on Macau: tourism bosses
    New mainland Covid cases brake on...

    May 28, 2021  

More news
  • Macau ops track earlier recovery after Jan GGR: analyst
    Macau ops track earlier recovery after...

    Feb 01, 2023  

  • Prominent locals speak in court for Tak Chun boss Levo Chan
    Prominent locals speak in court for Tak...

    Feb 01, 2023  


Latest News

Macau ops track earlier recovery after Jan GGR: analyst

Macau ops track earlier recovery after Jan GGR: analyst

Feb 01, 2023  

Most of Macau’s casino operators are likely to generate positive free cash flow in the first quarter, given the robust recovery level of mass-market gross gaming revenue (GGR) in January, relative...
Read More
Prominent locals speak in court for Tak Chun boss Levo Chan

Prominent locals speak in court for Tak Chun boss Levo Chan

Feb 01, 2023  

January travel lift, CNY sees Macau GGR up 233pct m-o-m

January travel lift, CNY sees Macau GGR up 233pct m-o-m

Feb 01, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Momentum is expected to grow as mainland China recently reopened its borders, and this presents a substantial growth potential for us as historically a large portion of our clientele came from China”

Porntat Amatavivadhana

Non-executive chairman of Donaco International



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • Macau CNY mass GGR maybe 60pct plus of CNY 2019: JPMMacau CNY mass GGR maybe 60pct plus of CNY 2019: JPM January 31, 2023
  • January travel lift, CNY sees Macau GGR up 233pct m-o-mJanuary travel lift, CNY sees Macau GGR up 233pct m-o-m February 1, 2023
  • Chinese comeback limited impact on Singapore IRs: bankChinese comeback limited impact on Singapore IRs: bank January 31, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us