LAS VEGAS, April 29, 2011 /PRNewswire/ -- As previously
announced, MGM Resorts International (NYSE: MGM) and Ms.
Pansy Ho are pursuing a proposed
initial public offering (the "IPO") of the shares of MGM China
Holdings Limited on the Hong Kong Stock Exchange (the
"HKSE"). The IPO and related transactions will be structured
so that MGM Resorts will obtain 51% ownership, and management
control, of MGM China upon consummation of the IPO.
In connection therewith, MGM Resorts announced today that the
Listing Committee of the HKSE held a meeting on April 28, 2011 to consider the application for
the proposed listing of MGM China on the HKSE. The Listing
Committee has issued a comment letter as a part of their ongoing
review process. MGM China continues to work closely with the HKSE
to address all remaining items in order to achieve a prompt listing
of its shares on the HKSE. 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 by the HKSE.
The ordinary shares proposed to be offered by MGM China will not
be registered under the Securities Act, or any state securities law
and may not be offered or sold in the
United States absent registration under the Securities Act,
or pursuant to an applicable exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and applicable state securities laws. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
MGM China ordinary shares, nor shall there be any offer,
solicitation or sale of any such ordinary shares in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of Section 21E of the U.S. Securities Exchange Act of
1934, as amended, and other related laws that involve risks and/or
uncertainties, including risks and/or uncertainties as described in
MGM Resorts' public filings with the Securities and Exchange
Commission. We have based forward-looking statements on
management's current expectations and assumptions and not on
historical facts. Examples of these statements include, but
are not limited to, statements regarding MGM Resorts' expectations
regarding the IPO and related transactions. These
forward-looking statements involve a number of risks and
uncertainties. Among the important factors that could cause
actual results to differ materially from those indicated in such
forward-looking statements include market conditions in
Hong Kong and other global markets
for equity securities generally and for equity securities of
gaming, hospitality and entertainment companies and of MGM China in
particular. In providing forward-looking statements, MGM
Resorts is not undertaking any duty or obligation to update these
statements publicly as a result of new information, future events
or otherwise, except as required by law.
SOURCE MGM Resorts International