Lawrence Ho Yau-Lung, chairman and CEO of Hong Kong-based casino and resort company Melco, is set to launch a special purpose acquisition company on the New York Stock Exchange.
The gaming industry has seen SPACs used multiple times in recent years, primarily to gain access to a public exchange, with Super Group Holding Co. and DraftKings employing the method to target investors.
This newly launched company, named Black Spade Acquisition, is set to raise $150m in public offerings, with the amount rising to a possible $172.5m.
Black Spade Acquisition will mainly focus on business possibilities in the Asian market, with a focus on technology and entertainment offerings including gaming.
In the SPAC’s filling, the company said: "We believe China's growing middle-class population of more than 350 million people, with its rapidly evolving consumption patterns and increasing spending power, will continue to shape multiple industries in Asia and across the globe."
Black Spade will list on the New York Stock Exchange under the ticker symbol BSAQU and will be led by Dennis Tam, who has been named as president and CEO of the company.
Ho is the son of the late Ho Hung-sun who founded the Melco Resort and Casino brand. Melco experienced financial trouble in 2019 and, as a result, had to stop trading on the Philippines Stock Exchange. These problems were exacerbated by the pandemic.
Melco Resorts is not the only gaming company to go public on the New York Stock Exchange in recent weeks. Recently, Gambling.com Group announced its intention to trade under the symbol GAMB.
