In a terse filing with the Australian Stock Exchange, Kerry Packer's PBL said its joint venture with Melco will buy Sociedade de Turismo e Diversoes de Macau's remaining 30 percent stake in the Park Hyatt project for HK$400 million. Stanley Ho and his family control both Melco and STDM, which has been steadily selling down its original 100 percent interest in the development.

The new deal signals PBL's and Melco's determination to press ahead with their partnership despite reported continued scrutiny of their new relationship by Australian state gambling regulators. Melco and PBL, which owns two Australian casinos, announced the official launch of their joint venture two weeks ago on the heels of news the two had submitted a proposal to the government of Singapore to develop a HK$9.6 billion casino resort there. Mocha Slot, the electronic-gaming hall chain controlled by the joint venture, will announce its fourth Macau location shortly, according to a spokeswoman.

Gabriel Chan, a stock analyst with Credit Suisse First Boston in Hong Kong, predicted in a report this month that the joint venture will build a second Macau casino resort in Cotai, a reclamation area where casino operators Las Vegas Sands and Galaxy Casino are investing billions to create a new gambling nexus. Chan declined to comment on Tuesday's news.

The new deal implies the Park Hyatt is worth HK$1.3 billion. STDM initially sold 50 percent of the project to Melco in September for HK$100 million, implying the hotel was then worth only HK$200 million. In November, STDM sold another 20 percent to Melco for HK$56 million, suggesting the project's value had bumped up to HK$280 million.

The 32-floor Park Hyatt is to feature 240 guest rooms and a casino operated by the Hos' Sociedade de Jogos de Macau with 200 tables and 1,300 slot machines.

The casino is scheduled to open in mid-2006 with the hotel following in early 2007. Greg Fraser, an analyst with Shaw Stockbroking in Sydney, said it is too early too tell how much full ownership of the Park Hyatt will add to expected profits at Melco and PBL, which injected HK$1.27 billion into the joint venture. Under the complicated structure of the partnership, PBL's indirect stake in the Park Hyatt will rise to 40 percent and Melco's to 60 percent.

PBL's shares, which had risen in recent days on anticipation of an announcement, dipped 12 Australian cents to A$16.07 (HK$98.88) on the official news. Trading in Melco's shares remained suspended Tuesday, pending the Hong Kong stock exchange's approval of Melco's version of the announcement, which came after the market closed. zach.coleman@singtaonewscorp.com