|
Australian Casinos Are
Having Trouble in Asian Market
Sept. 13-06
Australia's attempt to put its hand
further in the Asian market is not being meet with open arms.
James Paker's plan to build a casino in Macau has been impeded by
the Hong Kong Stock Exchange. The powers that be in the Asian
casino market are giving heavy resistance to a US listing that
bared the sole purpose of helping to finance Paker's $3 million
project
The PBL Publishing and Broadcasting
Ltd owned by Packer, was enacting a plan that would involve
investing around 15% of the Macau profits into the NASDAQ as a
means to accrue the money necessary to build a full fledged casino
in the area. If the plan had gone off without hitch, the
company would have enough money in order to build the casino
within a few months.
Paker's concern for the listing being
blocked is not limited to his plan for building a new casino, the
projected funds received from the stock exchange would also be
used to fund the companies other casinos. One facility in
particular, the City of Dreams Casino and Hotel, would also have
benefited from the financial gain.
Hong Kong's refusal of the US listing
has caused Melco's stock to fall in such a way that leaves the
company no choice but to appeal the decision.
The owner of Melco is upset by the
exchanges decision. The money lost over the assumed acceptance of
the NASDAQ listing is creating a sour mood with the companies like
Melco who are currently conducting business in Macau.
Packer will be kept in flux until the
appeal by Melco is either accepted or denied. The Australian
influence on the casino industry in the East seems to be kept in
check by the Hong Kong Exchanges NASDAQ Block. However, Packer
does intend to lie down or roll over on this issue.
-Current
Online Casino News-
-September
News-
|
