A Canadian firm developing an ocean-front casino complex in Vietnam hopes to raise USD 1 billion in a Hong Kong IPO in the next two years, a local newspaper reported, despite signs of weakening Asian gambling revenue. Asian Coast Development and investor Harbinger Capital began work on their USD 4.2 billion Ho Tram Strip project in May, hoping to open in two years and target mainly Chinese gamblers.

Macao tycoon Stanley Ho’s gaming flagship finally made its stock market debut on Wednesday, dipping below its offering price in Hong Kong trade after overcoming a last-minute legal challenge. The debut for SJM Holdings, which raised USD 494 million in a scaled-back share sale amid a poor market, comes as the casino operator struggles to compete with aggressive US operators led by Las Vegas Sands and Wynn Resorts.