Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS-MGM Mirage and Pansy Ho, its partner in Asia are eying additional development sites in Macau and also are mulling their own IPO, Bloomberg is reporting. The news comes on the heels of Wynn Resorts’ successful IPO of its Macau operations on the Hong Kong stock exchange and Las Vegas Sands’ plans to follow in its footsteps next month.

MGM’s chairman-slash-chief executive Jim Murren reportedly told Bloomberg that it is “under-represented” in Macau, the only place in China where gambling is legal, and that MGM Macau is preparing for an IPO “if that’s what the partners choose to do. Both partners have discussed it, and we believe it’s a very viable and attractive option. We haven’t decided to do it yet, but there’s been a very positive disposition towards it from both partners.”

Murren was not immediately available Friday morning for comment. To read the full Bloomberg story, click here.

Two weeks ago, Wynn Resorts offered up a 25% stake [1.25 million shares ] in its Macau operations on the Hong Kong stock exchange at the top of a previously disclosed range [US $1.30 per share} and quickly sold out. The offering generated $1.85 billion in gross proceeds.

Earlier this week, the South China Morning Post reported that Las Vegas Sands’ IPO for its Macau operations could come as early as next month and raise as much as $2.5 billion. The company filed its application for listing on the Hong Kong stock exchanges in late August. Citing sources familiar with Sands’ plans, the newspaper states that LVS wants to have its listing hearing at the Hong Kong stock exchange by the end of this month and list the shares in mid-November.

MGM and Pansy Ho are equal partners in MGM Grand Macau, a 10-acre development that includes a 25-story hotel tower with 593 rooms, suites and villas, and 215,000 square feet of casino area as well as a spa, a pool area, restaurants and meeting facilities. LVS’ Macau unit owns the Venetian and Sands complexes in Macau, and is the master developer of the the Cotai Strip, another Macau development that is slated to include 21,000 hotel rooms to be flown under various flags.

Wynn Resorts Ltd. owns Wynn Macau, a 600-room resort with 205,000 square feet casino, five restaurants, 46,000 square feet of retail space, a health club, a pool and spa, and meeting facilities. The company is also constructing the adjacent Encore at Wynn Macau, which is scheduled to open in April, and is in the planning stage for a 52-acre development in the Cotai area of Macau, aka the Cotai Strip.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.