MGM Resorts International (MGM.NYSE) has signed a deal with Pansy Ho, daughter of Macau casino mogul Stanley Ho, to take a controlling stake in their Macau casino venture, the Wall Street Journal reported. The agreement will give the Las Vegas-based casino operator a 51% interest in MGM China Holdings following the venture’s public offering on the Hong Kong Stock Exchange later this year. Ms. Ho will retain a 29% stake following the IPO, with the remainder sold to the public and the proceeds going to entities controlled by Ms. Ho. Currently, the parties each hold a 50% stake in the JV. Ms. Ho has also agreed to buy convertible senior notes from debt-laden MGM Resorts, generating US$311 million in proceeds for the firm. She will retain her title of chairman and managing director but her role will be diminished, a person close to the situation said. MGM China Holdings is expected to go public in May and raise around US$1 billion, sources said.