Three months after James Packer and his Hong Kong joint venture partner Lawrence Ho agreed to spend USD 900 million (AUD 1.2 billion) buying a Macau casino licence, it is now valued at USD 1.36 billion. The valuation, done by Hong Kong firm American Appraisal, was released to the Hong Kong Stock Exchange this week as Mr Ho's company Melco moved to raise AUD 200 million to help fund its Macau casino ventures.