MGM Ready For Hong Kong IPO
MGM Mirage (MGM: 11.10 0.00%) will follow rival gaming companies Wynn Resorts and Las Vegas Sands onto the Hong Kong Stock Exchange later this year.
Chief Executive Officer Jim Murren said that he was confident that the IPO to sell shares of its Macau casino would be completed in the third quarter “probably in the August, September time frame”.
“We can work on our time frame,” Murren said. “Rates are fairly attractive right now and that will push out another big part of our debt into 10-year paper, plus will give us more flexibility in the near term”.
Murren told reporters that they plan to sell $850 million in secured bonds between now and June; a move approved by lenders last week when the gaming companies credit facility was amended and extended.
He also said that they have already selected lead underwriters though declined to name them yet.
Gross revenue at Macau’s casinos increased 10 percent to a record of more than 119 billion patacas ($14.9 billion) in 2009, according to government data.
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