MGM China shares rise 1.8%
00:00 UTC+8 June 4, 2011
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MGM China Holdings Ltd, the Macau venture between Pansy Ho and the biggest casino operator on the Las Vegas Strip, rose on its first day of trading in Hong Kong after raising US$1.5 billion in an initial public offering.
MGM China advanced 1.8 percent to HK$15.62 after selling stock to investors in the IPO for HK$15.34, the maximum it had sought. Sands China Ltd and the four other casino companies listed in Hong Kong all declined yesterday.
Pansy Ho, a daughter of billionaire Stanley Ho, tapped into expectations that Macau's gambling growth will continue to outpace the Las Vegas Strip's, drawing investors, including Kirk Kerkorian and billionaire John Paulson's hedge fund. MGM China was the first US$1 billion-plus IPO in Hong Kong to price at the top of its range since AIA Group Ltd in October.
"More and more people from Chinese mainland are going to Macau for gambling," said Masahiko Ejiri, a Tokyo-based fund manager at Mizuho Asset Management Co, which oversees US$41 billion, including shares in Hong Kong-listed companies. "Gambling companies have been doing well and have strong business fundamentals."
Casino gambling revenue in Macau surged 58 percent last year to US$23.5 billion.
MGM China advanced 1.8 percent to HK$15.62 after selling stock to investors in the IPO for HK$15.34, the maximum it had sought. Sands China Ltd and the four other casino companies listed in Hong Kong all declined yesterday.
Pansy Ho, a daughter of billionaire Stanley Ho, tapped into expectations that Macau's gambling growth will continue to outpace the Las Vegas Strip's, drawing investors, including Kirk Kerkorian and billionaire John Paulson's hedge fund. MGM China was the first US$1 billion-plus IPO in Hong Kong to price at the top of its range since AIA Group Ltd in October.
"More and more people from Chinese mainland are going to Macau for gambling," said Masahiko Ejiri, a Tokyo-based fund manager at Mizuho Asset Management Co, which oversees US$41 billion, including shares in Hong Kong-listed companies. "Gambling companies have been doing well and have strong business fundamentals."
Casino gambling revenue in Macau surged 58 percent last year to US$23.5 billion.
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