MGM China, the venture between MGM Resorts International and casino mogul Stanley Ho's daughter Pansy Ho, priced its initial public offering of 760 million shares at HK $15.34 a share, the top of its indicative range of HK$12.36 to $HK$15.34 a share, two sources with direct knowledge of the deal told Reuters on Friday. Company raised HK$11.66 billion ($1.5 billion) from th IPO.
The sources declined to be identified because the information was not yet public.
The offering will catapult Ho near the top of Asia's billionaire list, surpassing her father with an estimated wealth of nearly $5 billion, taking into consideration her stake in MGM China and other holdings. The elder Ho, known as Macau's casino King because of his longstanding monopoly that ended in 2002, has a fortune estimated at about $3 billion.
MGM China is seeking to benefit from a boom in Macau, the only place in China where casino gambling is legal.
Casino revenue in the tiny enclave an hour from Hong Kong surged 44.6 percent in April to 20.5 billion patacas ($2.56 billion), with the market set to double in size to $50 billion between 2013 and 2015, according to Goldman Sachs estimates.
Bank of America Merrill Lynch, JPMorgan Chase & Co and Morgan Stanley will act as joint global coordinators for the offering.
( Source: Reuters )
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