MGM China seeking $1.5bn Hong Kong IPO

MGM China Holdings, a casino joint venture between US-based MGM Resorts International (MGM.NYSE) and Hong Kong tycoon Stanley Ho’s daughter Patsy Ho, intends to raise between US$1-1.5 billion on the Hong Kong exchange, Dow Jones reported, citing a person familiar with the situation. The new target is up to three times higher than its original plan, which sought to raise US$500 million in Hong Kong last year. MGM China is targeting the Macau market, where gambling revenues are recovering rapidly, up 45% year-on-year last month to US$2.56 billion – which is set to produce five times more revenue than the Las Vegas Strip this year at its current pace.