MGM China IPO Price at $3.6 Billion
Published on:
May/17/2011
MGM China is looking to raise between HK$9.4 billion and HK$11.7 billion (or $1.2 billion to $1.5 billion) in an initial public offering. Shares were coming in at a reduced price compared to other Macau properties.
Gambling revenues in Macau have increased by 43 percent in the first four months of this year, compared to a year earlier. The number of visitors arriving from mainland China rose 10.3 percent during the first quarter.
MGM China was set up as a 50-50 joint venture between Las Vegas-based MGM Resorts International and Pansy Ho, daughter of long time Macau gambling mogul Stanley Ho. In the past month, however, MGM has taken control of the company with ownership at 51 percent.
- Aaron Goldstein, Gambling911.com
