MGM Gets Closer to Macau IPO
NEW YORK (
) -- MGM Resorts is getting one step closer to an initial public offering of its Macau assets. The casino operator said on Monday that it filed an application for an IPO in Hong Kong.
But still there are no guarantees. "There have not been any decisions made regarding the timing or terms of any such listing or whether MGM China Holdings Ltd will ultimately proceed with such a transaction or whether the proposed transaction will ultimately be approved by the Hong Kong Exchange," MGM said in a Securities and Exchange Commission filing.
MGM is looking to raise about $500 million through the offering of its MGM Grand Macau, a joint venture with Pansy Ho, daughter of Chinese casino mogul Stanley Ho.
Last year, rivals
Las Vegas Sands
(LVS) - Get Report
and
Wynn Resorts
(WYNN) - Get Report
completed massive IPOs of their Macau assets, which garnered $2.5 billion and $1.6 billion, respectively.
--Written by Jeanine Poggi in New York.
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