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MGM Resorts Stock Up as MGM China Seeks IPO | Gaming News

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MGM Resorts Stock Up as MGM China Seeks IPO
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LAS VEGAS  -- MGM Resorts International is planning an initial public offering of its joint venture in China on the Hong Kong Stock Exchange.

The Las Vegas-based casino company revealed its intentions in a regulatory filing Monday but did not give possible timing or terms. The possible IPO of MGM China Holdings Ltd., MGM Resorts' joint venture with Pansy Ho, would be the latest spinoff of a casino operator's Macau assets. Both Wynn Resorts Ltd. and Las Vegas Sands Corp. previously listed their Macau operations in Hong Kong.

Shares of MGM Resorts rose 58 cents, or 5.4 percent, to $11.25 on Monday. Over the last year, the stock has traded in a range of $8.54 to $16.66.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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