UPDATE: MGM China To Raise Up To US$1.5 Billion In Hong Kong IPO - Term Sheet
17 Maio 2011 - 4:06AM
Dow Jones News
MGM China Holdings Ltd. (2282.HK), a casino joint venture
between Las Vegas based-MGM Resorts International (MGM) and Pansy
Ho, a daughter of Macau gambling tycoon Stanley Ho, is seeking to
raise up to US$1.5 billion in an initial public offering ahead of
listing on the Hong Kong stock exchange on June 3, according to a
term sheet seen by Dow Jones Newswires on Tuesday.
MGM China joins other foreign firms in raising funds in Hong
Kong, which was the world's top venue for IPOs in 2009 and 2010.
Australian mining firm Resourcehouse Ltd. (0394.HK) also began
bookbuilding for institutional investors Tuesday for its up to
US$3.6 billion IPO, and Swiss commodities trader Glencore
International PLC recently launched its up to US$11 billion Hong
Kong-London listing.
Other foreign companies that plan to list in Hong Kong in the
coming months include U.K.-listed Kazakh copper miner Kazakhmys PLC
(KAZ.LN), which started pre-marketing for its around US$200 million
IPO; U.S. luggage maker Samsonite, which plans to list in June;
Italian fashion company Prada SpA, and Japanese clothing retailer
Baroque Japan Ltd.
MGM China, which started bookbuilding for institutional
investors Tuesday, plans to offer 760 million shares at an
indicative price range of HK$12.36 to HK$15.34 per share, the
document said.
The company's listing plan also comes after the March settlement
of a months-long family feud for control of Stanley Ho's
multibillion-dollar gambling empire. A family feud burst into the
open earlier this year when the gambling tycoon accused the
children of his second wife, including Pansy Ho, of colluding with
his third wife, Ina Chan, to steal a company that held the bulk of
his assets. They denied his accusations. The dispute was eventually
resolved, and Stanley Ho dropped his lawsuit against his family
members.
Wynn Resorts Ltd. (WYNN) and Las Vegas Sands Corp. (LVS) both
listed their Macau assets in Hong Kong in 2009, forming Wynn Macau
Ltd. (1128.HK) and Sands China Ltd. (1928.HK). The three other
casino operators in Macau, the only city in China where gambling is
legal, are Stanley Ho's SJM Holdings Ltd. (0880.HK), Melco Crown
Entertainment Ltd. (MPEL), and Galaxy Entertainment Ltd. (0027.HK),
which is controlled by the family of Hong Kong tycoon Lui Che
Woo.
Shares in Wynn Macau and Sands China Ltd. have risen by more
than 20% since the beginning of this year because of strong
gambling revenue growth in Macau, outperforming the benchmark Hang
Seng Index's 0.4% decline.
The Chinese territory raked in US$2.56 billion in gambling
revenue last month, representing a 45% rise from a year earlier,
which puts it on track to generate five times the gambling revenue
of the Las Vegas Strip this year.
MGM China, whose Macau assets include a casino and a luxury
hotel resort, swung to the black in 2010 with a net profit of
HK$1.57 billion (US$201.88 million) compared to a net loss of
HK$167.1 million in 2009, according to its listing document.
Under a deal announced last month, MGM Resorts International
will have a 51% stake in MGM China after the joint venture's IPO.
Joint-venture partner Pansy Ho will have a 29% interest in the
public company, and the remaining stake will be sold to the public
and the proceeds will go to entities controlled by Ms. Ho. The two
partners currently each hold a 50% stake in MGM China
Wall Street analysts have lauded MGM Resorts' plans to take a
controlling stake in the Macau operator, saying it will give the
debt-laden U.S. casino operator more exposure to the profitable
Macau market and management control over the joint venture.
MGM China plans to start its Hong Kong retail offering on May
23, the term sheet said, adding the company will price the deal on
or around May 26.
J.P. Morgan Chase & Co., Bank of America-Merrill Lynch,
Morgan Stanley are the joint sponsors on the deal, the term sheet
said.
-By Prudence Ho and Kate O'Keeffe, Dow Jones Newswires;
852-2802-7002; prudence.ho@dowjones.com
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