May 18 (Bloomberg) — Publishing & Broadcasting Ltd. and Melco International Development Ltd. agreed to buy land in Macau for HK$1.5 billion ($193 million) to build their third casino in what's to become the world's biggest gaming market.
The 6,480 square meters of land is in the traditional casino precinct on the Macau peninsula, where the venture doesn't have a site yet, Sydney-based Publishing & Broadcasting Ltd. said in a statement to the Australian Stock Exchange today.
Publishing & Broadcasting Chairman James Packer and Melco's Lawrence Ho want to tap growth in Macau, the only place in China where gambling is legal. Packer is increasingly turning to casinos to expand his company, which also owns Australia's biggest television network. For the full article read here…
