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Macau Success LTD Sells Partial Stake In Ponte 16

Macau Success, who are majority owners of Ponte 16 casino on the inner harbor of Macau (with SJM), have agreed to sell a portion of their company to SBI Macau Holdings.

This extremely convoluted deal involves a number of holding companies of both Macau Success and SBI Macau Holdings, including one with the comical and truly insightful name Favor Jumbo Limited. Favor Jumbo LTD has sold 4.55% of Golden Sun Profits LTD (a subsidiary of Favor Jumbo, which is a subsidiary of Macau Success for HK$92.5M and assumed Golden Sun's debt of HK$37.5M for a grand total of HK$130M (+/- US$18.5M).

SBI gets 4.55% of Golden Sun's 44% stake in the Ponte 16, approximately 9.7% of the total operation, which gives it a valuation in the neighborhood of HK$1.4B (+/- US$200M).

SBI Holdings Inc, is a real estate developer, investment consultant, import/export operator, and venture capitalist based in Japan.

Before the deal the ownership percentages for Ponte 16 were 51% SJM, 44% Macau Success, 5% Maruhan - a pachinko operator in Japan.

Make sense? Read the press release for more.

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