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It’s one of the hottest gambling markets out there and MGM China is smack in the middle. The Macau venture between MGM Resorts International and the daughter of aging casino mogul Stanley Ho, Pansy Ho, priced its initial public offering (IPO) at HK$15.34.
The company sold 760 million shares, raising HK$11.66 billion ($1.5 billion), according to one of the sources. The company had previously set an indicative range for the IPO of HK$12.36 to $HK$15.34 a share.
Ho stands to become one of Asia’s top billionaires should the IPO go through as planned.
Casino revenue in Macau shows little sign of dying down. In April, revenues were up 44.6 percent to $2.56 billion. The market is set to double in size between 2013 and 2015 to $50 billion.
- Aaron Goldstein, Gambling911.com
