In a filing with the Securities & Exchange Commission, MGM Resorts International (MGM) said Monday that its Macau partnership with Pansy Ho, known as MGM Macau, had filed an application for an initial public offering (IPO) on the Hong Kong Stock Exchange.
The filing is consistent with statements made earlier this year by company officials that they would be looking to place their Macau assets into a special package so that they could be sold as separate shares in Hong Kong.
Similar IPOs have been completed in Hong Kong by Las Vegas Sands Corp. (LVS) and Wynn Resorts Ltd. (WYNN).
Although no financial figures were listed in the SEC filing, it was hoped by the company that the IPO could raise as much as $500 million.
Officially, the IPO involves MGM China Holdings Limited, a Cayman Island company formed by the partners. Involved, said the filing, would be the assets of MGM Grand Paradise, S.A., the owner and operator of MGM Macau.
There also was a disclaimer in the filing that said there had been no decision relative to the timing or terms of the offering, nor has a decision been made by company officials to go forward with the project.
Such an announcement is usually followed by the company identifying the financial institutions selected to handle the offering.