MGM Mirage to sell shares in Macao venture

NEW YORK - MGM Mirage, the biggest casino owner on the Las Vegas Strip, will sell shares in its Macao venture with Pansy Ho in the third quarter, Chief Executive Officer Jim Murren said.

"I'm confident we'll get the IPO (initial public offering) done in the third quarter, probably in the August, September time frame," Murren said on Thursday. The venture has selected lead underwriters, said Murren, who declined to name them.

The company follows Las Vegas-based rivals Wynn Resorts Ltd and Las Vegas Sands Corp, which raised funds by selling stakes in their operations in Macao, the world's biggest gambling market.