Six months after signing a joint venture, gambling magnates Stanley Ho and Kerry Packer have announced plans for an underwater casino in Macau. The duo sealed a deal with the Macau Government last week acquiring rights to a 25-year continuously renewable lease for 113,325 square metres of land on the Cotai Strip.
The JV - between Australian Kerry Packer's Publishing and Broadcasting Limited PBL and Ho's Hong Kong listed Melco International Development - will pay $214 million for the land, which includes a land development premium of about $64 million payable to the Macau authorities.
The amount will be funded by the JV through debt financing and...
