A Macau-based casino operator backed by Australian billionaire James Packer has completed a New York initial public offering just two months after he sold half his media assets to concentrate on his gaming interests.

The shares of Melco PBL Entertainment, which is 50:50 owned by Packer's holding company PBL and Melco, a Chinese gambling operator, were priced last night, raising $1.15bn (€875m), after the deal's size and price were increased because of the strength of investor demand for the company.