THE M3: RUSSIA; MACAU LEGEND IPO

THE MACAU METRO MONITOR, JULY 3 2013

MACAU CASINO MOGUL LAWRENCE HO TO OPERATE NEW RUSSIAN CASINO WSJ

Summit Ascent Holdings Ltd, of which MPEL CEO Lawrence Ho owns 37%, has received a winning bid from the Primorye government to build a casino-resort.  The planned casino-resort in Primorye - a vast eastern region bordering China and Korea - is scheduled to open in 2H 2014.  The resort will be about seven miles from the Vladivostok airport.  It will be one of the first in Russia after the country in 2009 banned casino gambling outside four special zones.  The company is still discussing the size of the project.

For people in northern China, Vladivostok is closer than Macau.  A flight from Beijing to the Russian city takes 2½ hours, compared with three hours and 45 minutes to Macau.  Harbin, the largest city in China's Heilongjiang province, is an hour and 20 minutes from Vladivostok by plane.

MACAU LEGEND IPO BELOW EXPECTATIONS Macau Daily Times

Macau Legend Development Ltd. has raised US$282 million for its HK IPO.  David Cao’s company, which owns the Macau Fisherman’s Wharf development, originally aimed to raise up to USD788 million with the IPO.  The company sold 934.8 million shares at HKD2.35 per share, near the bottom end of its HKD2.30-HKD2.98 indicative price range. Macau Legend originally planned to sell 2.05 billion shares.