MelcoLot to raise $50m for Georgia casino project

MelcoLot is raising $50 million through the sale of shares in a special purpose vehicle to finance a casino project in Georgia.

In a Hong Kong Stock Exchange filing, the lottery company said an investor named as Firich will subscribe for 5,530 subscription shares in a wholly owned Melco vehicle. A separate investor, named as Oz will subscribe for 200 shares.

Firich is a substantial shareholder of Beijing Telenet Information Technology, a subsidiary of MelcoLot and Melco. That makes the deal a connected transaction.

Oz is engaged in developing food and beverage and other entertainment-related businesses in Georgia.

“The Casino Project represents an opportunity for the MelcoLot Group to expand its business interests into the gaming and casino sector in the developing market of Georgia. The MelcoLot directors believe that this would provide synergies with and complement the existing lottery business of the MelcoLot Group,” the filing said.

 

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