MGM China Holdings Ltd., MGM Resorts International's (MGM) joint venture with a daughter of Macau gambling tycoon Stanley Ho, is targeting an initial public offering ahead of a listing in Hong Kong in the first quarter of 2011 at the earliest, a person familiar with the matter said Wednesday.

The person added that a final date for the offering hasn't been determined yet.

During MGM Resorts' second-quarter earnings conference call on Aug. 3, Chief Financial Officer Dan D'Arrigo said the company hoped to list by the end of this year.

In September, MGM China said it had filed an application to list its shares in Hong Kong.

People familiar with matter told Dow Jones Newswires earlier that BNP Paribas (BNP.FR), Bank of America-Merrill Lynch, JPMorgan Chase & Co. (JPM) and Morgan Stanley (MS) are the bankers on the deal, which seeks to raise about US$500 million.

The listing would follow last year's Hong Kong listings of Wynn Resorts Ltd.'s (WYNN) Wynn Macau Ltd. (1128.HK) and Las Vegas Sands Corp.'s (LVS) Sands China Ltd. (1928.HK).

The three other casino operators in Macau, the only city in China where gambling is legal, are SJM Holdings Ltd. (0880.HK), Galaxy Entertainment Ltd. (0027.HK) and Melco Crown Entertainment Ltd. (MPEL).

-By Kate O'Keeffe, Dow Jones Newswires; 852-2802-7002; kathryn.okeeffe@dowjones.com
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