MGM China shares rise on Hong Kong debut

Shares in MGM China Holdings (2282.HK) – a joint venture between MGM Resorts International and Pansy Ho, the daughter of Macau gambling tycoon Stanley Ho – opened 5.6% above their initial public offering price on their Hong Kong debut on Friday, AFP reported. MGM’s shares reached HK$16.20 (US$2.08) when trading began on Friday, higher than their HK$15.34 (US$1.97) share sale price. The US$1.5 billion IPO has highlighted strong investor interest in the casino gaming hub of Macau. The territory brought in US$23.5 billion in gaming revenue last year, surpassing the revenue of the Las Vegas strip at least four-fold. MGM’s listing attracted several high profile cornerstone investors, including US hedge fund giant John Paulson and gaming tycoon Kirk Kerkorian. MGM will hold a 51% stake and retain management control in the listed joint venture.