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Chinese casino firm to raise $1 billion with flotation

The ever-expanding global casino market has received a further shot in the arm with the news that a Chinese casino operator has announced plans to float itself on the Nasdaq stock exchange.

At a time when both online and offline venues are attracting more and more players thanks to their lucrative jackpots and state-of-the-art games, Chinese company Melco is the latest in a long line of casinos seeking to establish themselves in the Asian market.

Melco envisage the planned flotation raising the $1 billion that they require to extend their presence in Macau &ndash currently the only legal home of casino gaming in China.

The company's first casino in the area has cost over £500 million to build, hosts over 200 gaming tables and is scheduled to open next summer. Melco has said that it wants to create a further $700 million venture in Macau within the next few years.

Annual gambling revenue from Macau casinos are roughly equivalent to those in Las Vegas, with both regions taking upwards of $5 billion in 2004 and 2005.


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