Macau, May 21, 2006, JAMES Packer's Publishing and Broadcasting Ltd has staked more money on Macau, with $255 million to buy land and build its third hotel and casino.

PBL and its venture partner, Melco International, said yesterday they would buy a site in the traditional casino area on the Macau Peninsula.

The news sent PBL shares up 43¢ to $19.08, just short of record highs.

Sources close to the deal described it as the joint venture's "lowest-risk" casino because of its location.

The deal is expected to be finalised in the first quarter of next year and building start in six months.

"This will underpin the valuation of the joint venture at north of $US5 billion," sources said yesterday.

The share price of companies associated with the territory — which has become China's gambling enclave — have bloomed recently. Macau is expected to overtake Las Vegas this year in terms of gambling turnover.

But some analysts have been cautious about putting big valuations on the investments, especially since the venture has yet to open a casino and there will be plenty of competition.

The PBL-Melco venture is building the Crown Macau Hotel and Casino in the Taipa area of Macau. It is expected to open in April.

The partners are also building the City of Dreams entertainment resort on the Cotai Strip.

• Macau Busting At Its Seams We always have said Macau is busting at its seams. Infrastructure is becoming a serious issue, and if they are...
• Melco PBL raising funds for City Of Dreams project. Comment - Whilst all the focus is on Sands and Wynn, let's not forget about Melco-PBL who are quietly building...
• Macau Casino Mogul Adelson Net Worth Drops US$13 Billion Las Vegas Sands Chairman Sheldon Adelson saw his net worth decline by $4 billion last month due to the slumping...

• The Deflation Scam The media has been going on and on about deflation. Long-term bond prices have also been trending up and long term yields have been dropping,...
• Cell Phone As Style Icon For Communication Cell Phones, also known as Mobile Phones, have become a way of life. It is no exaggeration to state that in the modern times, it...
• McClure Lake  McClure Lake is located in: Snelling, CA Phone: (209) 378-2521  About the Lake: McClure Lake holds more than 1 million acre feet of storage water...