{"id":380194,"date":"2011-04-14T01:02:07","date_gmt":"2011-04-14T01:02:07","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/14\/mgm-to-control-its-macau-casino\/"},"modified":"2011-04-14T01:02:07","modified_gmt":"2011-04-14T01:02:07","slug":"mgm-to-control-its-macau-casino","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/14\/mgm-to-control-its-macau-casino\/","title":{"rendered":"MGM to control its Macau casino"},"content":{"rendered":"

\n \t\t
\n 13 April 2011<\/span>
\nLast updated at <\/span>21:02 ET<\/span>
\n<\/span><\/p>\n

MGM Resorts International has reached a deal with its partner Pansy Ho to take a controlling stake in their Macau casino joint venture.<\/p>\n

They have also agreed to an Initial Public Offering (IPO) of some of its shares on the Hong Kong Stock Exchange<\/p>\n

Under the deal, MGM will get a 51% stake in the IPO, Pansy Ho will receive 29% of the shares and the remainder will be sold to investors. <\/p>\n

The two partners currently each hold 50% of the venture.<\/p>\n

MGM owns some of the biggest casinos in the US, while Pansy Ho is the daughter of Macau mogul Stanley Ho, the largest casino operator in Macau. <\/p>\n

No date has yet been finalised for the launch of the IPO.<\/p>\n

‘Very strong’<\/span><\/p>\n

\n\tContinue reading the main story<\/a>\t<\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

Macau is very strong, and it will now be a more meaningful contributor to MGM’s results\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span>
\n\tChris Jones<\/span>
\n\tTelsey Advisory Group<\/span><\/p><\/div>\n

MGM shares surged by more than 8% in New York.<\/p>\n

Once it becomes the majority shareholder, MGM will be able to include the revenue and profit from its Macau operation in its balance sheet.<\/p>\n

Gaming revenues in Macau have soared. Last year it reported at 57% rise, with total revenue of $23.5bn (\u00a315.2bn).<\/p>\n

Only six companies have licenses to operate casinos in Macau.<\/p>\n

Analysts say they are expecting a big impact on MGM’s earnings once the deal has been finalised.<\/p>\n

“The market likes it,” said Chris Jones of Telsey Advisory Group<\/p>\n

“Macau is very strong, and it will now be a more meaningful contributor to MGM’s results,” he added.<\/p>\n<\/p><\/div>\n<\/p>\n

Read the original here:
\nMGM to control its Macau casino<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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