MGM China Holdings Plans to Raise ~$1B in Hong Kong Offering Following Ho Family Settlement

The Wall Street Journal reported Friday that MGM China Holdings Ltd. plans to raise about $1 billion in an initial public offering on the Hong Kong stock exchange in May. The company is a joint venture of MGM Resorts International (NYSE: MGM) and Pansy Ho, the daughter of Macau businessman Stanley Ho.

The would-be offering follows the March settlement of a months-long family feud for control of Stanley Ho's multibillion-dollar gambling empire, which Stanley resolved and later dropped. WSJ reports Stanley was accusing Pansy and his third wife Ina Chan of attempting to steal a company which holds the bulk of Ho's assets.

MGM China has already filed a Form A-1 with the SEC and will soon take the next steps, including an informal meeting to gauge potential interest, followed by a formal price range, order taking, and eventually a listing. Overall, this should take around six weeks and is being handled by JPMorgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS).

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