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Packer casinos set to be listed

The Macau casino complex owned by James Packer could be listed on the US stock exchange by the end of the year, it has been reported.

Under the plans, the Melco resort in Hong Kong would also be listed on the Nasdaq, following the Hong Kong Stock Exchange's removal of its objections to the expansion plans.

The Hong Kong exchange was originally a major stumbling block to the proposed flotation, having voiced concerns over Packer Publishing and Broadcasting's (PBL) motives for seeking the listing.

It is thought that the $1 billion listing scheme could see PBL spin off ten to 15 per cent of the value of the Macau assets in order to raise revenue for further expansion.

The move follows the announcement by Wynn Resorts, owner of a rival Macau complex, that it will add a second hotel to its Wynn casino resort in the city.

James Packer is the son of the late billionaire media mogul Kerry Packer, who died late last year.


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