Macau casino firm Studio City takes US$359m in US listing
Float could prove fillip for city’s flagging gaming industry, after being beset by increased government scrutiny, potential economic fallout of China-US trade tensions and Typhoon Mangkhut
Studio City International Holdings has raised US$359 million in its US initial public offering (IPO), pricing its shares at the top of the Macau casino and resort company’s targeted range.
Studio City sold 28.75 million American depositary shares for US$12.50 each on Wednesday after pricing them at US$10.50-12.50, according to data compiled by Bloomberg.
The listing may provide a lift for Macau’s gaming industry, which has been beset by increased government scrutiny, potential economic fallout of China-US trade tensions and, in September, Typhoon Mangkhut.
An index of six Macau gaming companies has fallen 29 per cent this year. Las Vegas Sands, the biggest gaming company on US exchanges, has fallen more than 17 per cent, while second-ranked MGM Resorts International is down 16 per cent and Wynn Resorts has plunged 30 per cent.
The Studio City casino in Macau has 250 gaming tables and about 970 machines, as well as VIP gambling facilities, a hotel, family entertainment centre, nightclub and 5,000-seat arena, according to the company’s IPO filing with the US Securities and Exchange Commission.
