MGM China may raise up to $1.5 billion from Hong Kong listing

MGM China, the Macau casino operator that was set up as a joint venture between Las Vegas-based MGM Resorts International and Pansy Ho, has started pre-marketing of an initial public offering that could raise between $1 billion and $1.5 billion, according to sources. The aim is to list in Hong Kong by early June.

Initially planned for 2010, the timing of the offering couldn’t have been better as it follows another record month for gambling revenues in Macau, which has helped push the share prices of other Macau casino operators to new highs. Government statistics released last week showed a 45% rise in gambling revenues in April to 20.51...