The holding company of boutique Macau casino hotel project Louis XIII (pictured) is seeking to raise up to HK$3.03 billion ($390.7 million) in additional funding through the issuance of shares and convertible bonds. The brokerage CLSA is acting as the issuing agent.

Louis XIII Holdings said in a filing on Thursday that about HK$1.43 billion of the new funds are “used to consider design upgrades related to suitability within Macau hotel development.”

The initial funding target is HK$1.56 billion through the issuance of shares and convertible bonds, with large options of up to HK$780 million. The issue price range is HK$3.00-4.00 per share, with the conversion price of the convertible bonds equal to the issue price.

In a separate filing of interim results on the same day, the holding company said it had made “significant progress” on its casino project in the six months to Sept. 30.

It added: “Detailed design work for [Casino] hotels is currently about 85% complete. The group is well positioned to meet its goal of completing about 75% of the bidding process by the end of 2014.”

The capital cost of this project was estimated at $800 million last year.

Casino Louis XIII will operate 66 game tables (50 in premium mass and 16 in VIP), according to data filed with previous regulators. The license provider has not yet been identified by the holding company, but it will operate under what it calls a “service agreement” with existing Macau concessions or subordinate concessions. 슬롯사이트 순위

The project, on a 65,000-square-foot (6,039-square-meter) site on the Kotai and Coloane border, is expected to be completed in mid-2016, a filing on Thursday said.