Stanley Ho's casino businesss, Sociedade de Jogos de Macau, or SJM, has slashed its IPO funding target in half. The firm plans to raise US$1 billion in a public offering to finance development of casinos in Macau, the Wall Street Journal reported, quoting an anonymous source. The casino operator, Macau's largest by gambling revenue, announced its IPO plans in March 2006, saying it would raise US$1.9 billion, but the offering was halted that summer. The revived IPO, on the Hong Kong Stock Exchange, is scheduled for January. Analysts said listing now may be poor timing because of new competition in Macau's casino business from foreign operators and the poor performance of Macanese stocks.