Officials meet, talk of MGM offering
MGM Resorts International confirmed Friday that the listing committee of Hong Kong Exchanges & Clearing Ltd. met to consider the company's IPO application.
Media in China had reported Thursday night that financial officials want more information about a planned initial public offering on the Hong Kong Stock Exchange by the Las Vegas-based gaming company. The listing committee was reportedly concerned about the shareholding structure of the company after the planned listing.
"The Listing Committee has issued a comment letter as a part of their ongoing review process," the company said Friday in a statement. "MGM China continues to work closely with the (stock exchange) to address all remaining items in order to achieve a prompt listing of its shares. The timing or terms of any such listing have not yet been determined, and there is no assurance as to whether MGM China will ultimately proceed with the listing, or whether the application will be approved the (stock exchange)."
Under terms of the filing, Hong Kong businesswoman Pansy Ho, the company's joint-venture partner in the MGM Grand Macau, gave the U.S. casino operator majority stake in the IPO.
Under the agreement MGM Resorts and Ho signed April 13, MGM Resorts will own 51 percent of MGM China after the Hong Kong IPO. Ho would retain a 29 percent interest. Currently, MGM and Ho each own a 50 percent stake in the 600-room hotel-casino.
