MGM Casino Resorts in Macau to Float in Hong Kong? IPO Coming…..

Posted on September 27th, 2010

If you missed out on last years casino IPOs from the casinos in the Wild West, er sorry we meant Macau- then watch out for the new IPO that is in the offing.  MGM Resorts came one step closer to an IPO (initial public offering in financespeak of course, or a company flotation on hte stockmarket) of its Macau business. The casino company has just announced that it has submitted an application for an IPO in Hong Kong.

But still there are hurdles to jump. There have not been any firm decisions on the timing or terms. MGM China Holdings Ltd is the company that will be floated if it all goes ahead, and the application will need to be approved by the Hong Kong Exchange, of Hang Seng index fame.

MGM is rumoured to be trying to raise about $500 million through the IPO of its MGM Grand Macau, which is a joint venture with Pansy Ho, the daughter of Chinese casino taipan Stanley Ho, (or The King of Macau, as he is also known due to his former monopoly on gambling in Macau before things started going really silly in this former Portuguese enclave).

Last year, rivals Las Vegas Sands and Wynn Resorts got huge IPOs away , raising $2.5 billion and $1.6 billion, respectively.

So if you missed out on the last one, be sure to get in line for this float.

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