Yesterday, the company said it would offer 37.5 million ADRs, each of which represents three regular shares, but didn't say how much money it hoped to raise. It has an option to issue an additional 3.75 million ADRs depending on consumer demand
The firm's shares already trade on Nasdaq. On Tuesday, they closed down $5.15, down 12 cents.
Melco Crown, a joint venture between Hong Kong-listed Melco International Ltd. and Australia's Crown Ltd., runs the Altira Macau and City of Dreams, which accommodates a Grand-Hyatt, a Hard Rock cafe-style casino and hotel and 420,000 square feet of casino floor with 520 gambling tables – which is located right across the street from Sheldon Adelson's giant Venetian Macao casino-resort project in Macau's Cotai area.
Macau stock market analysts are closely watching City of Dreams' performance as an indicator of whether the Cotai area, a once-barren strip of reclaimed land south of Macau's traditional gambling center, can become a new driver of growth, as backers like founder Adelson are forecasting.
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