The Hong Kong stock exchange wants to see more details from MGM Resorts before agreeing to list the company’s shares.

According to Market Watch, the Listing Committee of Hong Kong Exchanges & Clearing Ltd. is primarily concerned with the eventual shareholding structure.

At present, MGM and partner Pansy Ho each own 50 percent of MGM China Holdings Ltd. An agreement signed between MGM Resorts and Pansy Ho on April 13 will give MGM Resorts 51 percent and Ho 29 percent after the IPO, with the rest of the shares offered to the public.

“The committee doubts who will be the controlling shareholder, and concerns about possible shareholder disputes in the future,” the exchange report said, according to an unnamed source cited by Hong Kong’s Apple Daily.

Part of the problem is the corporate structure of MGM China Holdings, which is actually required by Macau law. The gaming component in all Macau casino companies is a separate shell company, which could possibly continue to be controlled by Pansy Ho once the IPO is finalized. Some sources contend that Ho may be forced to choose between MGM and her recently increased holdings in SJM, which came via a distribution from her elderly father, Stanley Ho.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.