Macau gaming concession holder MGM Grand Paradise to launch IPO on Hong Kong stock exchange

11 February 2011

Hong Kong, China, 11 Feb – Macau casino operator MGM Grand Paradise at the end of this month if expected to be authorised to float its shares on the Hong Kong Stock Exchange, the Reuters news agency reported in Hong Kong.

Citing sources close to the process, the agency said that MGM expected to net 800 million Hong Kong dollars (around US$100 million) with the Initial Public Offering of shares on the exchange. It will be the last of the six Macau gaming concession holders to list its shares on the Hong Kong Stock Exchange.

The operation is organised by Bank of America Merrill Lynch, JP Morgan Chase & Co, Morgan Stanley, BNP Paribas, CLSA, Deutsche Bank AG and Royal Bank of Scotland Group Plc.

MGM Grand Paradise is a partnership between US company MGM Mirage and Pansy Ho, daughter of Macau gaming magnate Stanley Ho, which was granted a license via a sub-concession from Sociedade de Jogos de Macau. (macauhub)