MGM Mirage Moves Closer To Initial Public Offering In Asia

MGM Mirage is seeking a similar boost in their bottom line figures that Las Vegas Sands and Wynn Resorts has previously enjoyed. MGM is preparing for an initial public offering in Asia, and sources have now told Reuters that the gaming company has hired five banks for the listing.

Las Vegas gaming companies have increased their presence in Asia over the past several years, and Macau has become a top revenue producer for these companies. Like Wynn and Sands, MGM is hoping to receive a jolt from their IPO. It is expected that MGM will raise around $500 million during the Asian offering.

The economic recession in the US has caused many gaming companies to reassess their casino positioning. MGM, Wynn, and Sands have all had tremendous prosperity from the rise of the Macau gaming industry. The industry has grown so fast, that the Macau government recently announced that they would be halting future expansion.

The companies that already are working on expansion projects, such as Las Vegas Sands, will be permitted to finish their expansion. No new projects will be started, however, and the government is limiting the number of tables.

The banks that were chosen for the MGM IPO are HSBC, Bank of America-Merrill Lynch, Morgan Stanley, BNP Paribas, and JP Morgan. The details have not yet been released, but could be coming soon.

The IPO is expected to take place in the latter part of 2010. Already this year, the companies with Macau properties have received good news with revenue jumping in the new gaming capital of the world. Their Las Vegas properties have not been so lucky, struggling to stay afloat during the tough economic times in the US.

March 30, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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