HONG KONG - operator of casino in Macau MGM China Holdings Ltd. increased up to 6% on its debut of the stock exchange of Hong Kong Friday, emphasizing the interest of investors in the largest market of game of the world.
Shares in China of MGM, which is controlled by the MGM in Las Vegas Resorts international, reached 92 hundred Hong Kong dollars 16.26 shortly after trade began Friday morning.
Close to 2 per cent higher at HK$ 15.62 then the benchmark Hang Seng index was 1.3% lower.
The company has raised HK 11.7 billion ($1.5 billion) by 760 million shares at $15.34, the upper end of the range of the price offers of sale. That made it the fourth IPO global game on record, according to deal followed company Dealogic.
MGM China President Pansy Ho said that it was "satisfied" with commercials.
"We all think it is an encouraging sign," Ho said after a ceremony of registration on the stock exchange.
Local investors in Hong Kong applied for the shares of 20 times more than were available to them, which prompted the company to triple their proportion of the total shares sold to 30 per cent. The remaining 70 per cent of the introduction on the stock market was also "significantly oversubscribed" by major global investor, MGM China said.
Investors included so-called cornerstone Tracinda Corp., billionaire investor Kirk Kerkorian investment arm and Paulson & Co. Inc., New York hedge fund run by John Paulson. Tracinda and Paulson are also two largest shareholders of MGM resorts.
The strong demand for the shares of the IPO illustrates how big profits in the industry of Macau casinos, the top of the World game market, attract investor interest.
Revenues from casino in the former Portuguese colony, which was handed over to China in 1999, have soared since a monopoly to the game of four - decade was destroyed in 2002.
In 2010, Macau commissioned 23.5 billion $ in the revenues set, about four times more than 5.8 billion $ of Las Vegas strip. Monthly revenues from February to may have jumped at least 42% from the previous year.
MGM Casino is one of the 34 Macau, a special administrative region of China and the only place in the country where the casino game is legal.
Gabriel Chan, an analyst with the Credit Switzerland game, said there is little doubt that the actions would increase.
"It is no surprise for us." Fundamentally Macau is hot, "he says.
Prior to the introduction on the stock exchange, MGM China was a joint venture 50 / 50 between MGM Resorts and Ho. The money raised in the introduction on the stock exchange is used to redeem part of game Ho in the framework of a reorganization that part of the MGM villégiatures 51 percent raise and give management control. Share of Ho falls to 29%, while the other shareholders that the remaining 20%.
Now that the MGM Resorts owns a control, it will be able to book profits from China of MGM, Chan said.
"It is a few engines of growth Resorts MGM has really", he said.
Ho Pansy is the daughter of 48 years of gambling tycoon Stanley Ho, considered the father of the modern game in China. It was also long accused of links with Chinese organized crime, which he denies.
A report of New Jersey Division of Gaming Enforcement made public last year said Stanley Ho allows criminal gangs "to operate and thrive" in its casinos. The section concluded that Pansy Ho is dependent on him and his money and remains under its influence.
In response to an ultimatum of regulators of casino New Jersey that MGM Resorts sell its 50 per cent participation at the top the Atlantic City casino, or cut ties with Pansy Ho, MGM chose to continue her relationship with her.
Regulators have concluded that Pansy Ho is a business partner "inappropriate" to MGM in Macau.
The company does not recognize any wrongdoing and said that he was a "spotless record" operating with it.
More recently, Stanley Ho, who has 16 live children by four women he calls his "women", was involved in a dispute months-long legacy with Pansy Ho and other members of the family for the control of his casino empire. The rivalry involved several by the ailing Tycoon, including a Pansy Ho naming as defendants, before it was established in March.
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