Ho eyes US$1.5b in casino IPO
Source: Bloomberg News |
May 18, 2011, Wednesday
|
Print Edition
Print Edition
Pansy Ho, a daughter of billionaire Stanley Ho, is seeking as much as HK$11.7 billion (US$1.5 billion) from an initial public offering of casino operator MGM China Holdings Ltd, according to a term sheet for the sale.
Pansy Ho will offer 760 million shares at HK$12.36 to HK$15.34 apiece, the terms show. MGM China is a 50-50 joint venture between her and MGM Resorts International. Pansy Ho, 48, is chairwoman and executive director of MGM China, according to a filing to the Hong Kong stock exchange on May 9.
The casino operator is starting the sale after gambling revenue in Macau rose 58 percent last year to 188.3 billion patacas (US$23.5 billion), about four times that of the Las Vegas Strip. MGM China received orders covering all the stock offered to institutional investors on the first day of marketing the IPO, two people with knowledge of the matter said.
Stanley Ho, 89, held a gambling monopoly in Macau for four decades before the entry of foreign casino operators starting from 2002.
Pansy Ho will sell a 20 percent stake in MGM China to the public and another 1 percent stake to MGM Resorts, leaving her with 29 percent, the Las Vegas-based company said in a statement on April 13.
Pansy Ho will offer 760 million shares at HK$12.36 to HK$15.34 apiece, the terms show. MGM China is a 50-50 joint venture between her and MGM Resorts International. Pansy Ho, 48, is chairwoman and executive director of MGM China, according to a filing to the Hong Kong stock exchange on May 9.
The casino operator is starting the sale after gambling revenue in Macau rose 58 percent last year to 188.3 billion patacas (US$23.5 billion), about four times that of the Las Vegas Strip. MGM China received orders covering all the stock offered to institutional investors on the first day of marketing the IPO, two people with knowledge of the matter said.
Stanley Ho, 89, held a gambling monopoly in Macau for four decades before the entry of foreign casino operators starting from 2002.
Pansy Ho will sell a 20 percent stake in MGM China to the public and another 1 percent stake to MGM Resorts, leaving her with 29 percent, the Las Vegas-based company said in a statement on April 13.
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