MGM China to seek approval for Hong Kong IPO
MGM Resorts, founded by Kirk Kerkorian, will gain control of MGM China by acquiring shares from Ho, a daughter of billionaire Stanley Ho, the U.S. company said in a statement on April 13. Ho will sell 1 percent of MGM China Holdings to Kerkorian’s company, lifting his stake in the venture to 51 %, according to the release.
Macau is the only place in China where casinos are legal. Gambling in the former Portuguese colony has surged since the government ended Stanley Ho’s 40-year monopoly and allowed companies including Wynn, Las Vegas Sands Corp and MGM Resorts International to build resorts.
Casino gambling revenue in Macau climbed 43 % to US$ 7.3 billion in the three months ended March. Total casino revenue expanded 58 % . Singtao Daily reported on MGM China’s listing hearing earlier today, without saying where it got the information. Toby Leung, a spokesman for MGM China, was not immediately able to comment.
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