Slot Machine Operator Files IPO

Melco PBL Entertainment Ltd. has filed a preliminary prospectus with the SEC (Securities and Exhange Commission) to sell 53 million American shares. The slot machine operator is looking to sell 14% of its company on Nasdaq. Through this listing, the slot machine operator is looking to raise almost $1 billion, with an expected price range of $16-18 per share.

The slot machine company will be trading under the Nasdaq symbol of MPEL, and although they have not set a date for the offering, it is commonplace for a company to start trading a few weeks after the share amount and price range have been set.

Melco PBL is one of the big names in slot machines in Macau, where many others have been thinking on hanging their hats as well. The region is bigger than Atlantic City and just slightly smaller than Las Vegas in slot machine and gambling revenue. The company already owns over 1,000 slot machines in their six casinos, and is looking to go even larger. They have many other projects in the works, including more slot machines.  

They are also looking to keep up their Mocha Clubs, which are not casinos but do offer slot machines. They generated $18.2 million in slot machine revenue in just the first nine months of the year. The slot machine operator is hoping that with the IPO (initial public offering) they will be able to pay down some of the $500 million that it currently owes.
 

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