MGM China, owned by U.S. casino operator MGM Resorts International (MGM.N) and Hong Kong businesswoman Pansy Ho and planning an initial public offering, wants to expand in greater China and elsewhere in Asia. MGM, which is opening an MGM Grand hotel this year in Chinese resort Sanya, is looking to expand into Taiwan with non-gaming and leisure properties, Pansy Ho said on Thursday. The Macau casino operator is planning to raise up to $1.5 billion in a Hong Kong IPO, securing $190 million from cornerstone investors including billionaire hedge fund manager John Paulson. The IPO comes at a time when the world's largest gaming market is scorching hot, with Macau gambling revenues at record highs and dwarfing those of Las Vegas. January-April gaming revenue in the former Portuguese colony totalled $10 billion, matching Las Vegas's total for the whole of 2010.
MGM Resorts International is a holding company engaged in gaming, hospitality and entertainment. Shares of MGM remained unchanged at $15.05. In the past year, the shares have traded as low as $8.92 and as high as $16.94. On average, 20908500 shares of MGM exchange hands on a given day and today's volume is recorded at 750.
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