The long-awaited IPO on MGM Resorts’ Macau operations will be completed in the first quarter of 2011, according to the company’s partner there, Pansy Ho.
“Our anticipation is around the first quarter,” Ho, the daughter of gambling scion Stanley Ho, told Reuters last month. “We’ll continue to supply supporting material. Right now, it’s looking good.”
The intention to launch an IPO was announced earlier this year with first a third-quarter and later a fourth-quarter offering anticipated.
The $300 million expected to be raised by the IPO will be used toward paying down debt as well as preparing for MGM’s first project on the Cotai Strip.
However, the failure of Sands China to acquire parcels 7 and 8 in the Cotai area of Macau may impact the MGM IPO.
“We believe MGM Resorts will have a more difficult time utilizing a future Cotai development as a story for its potential Hong Kong (Stock Exchange) initial public offering,” David Bain, the Sterne Agee gaming analyst, wrote in a note to investors.