MGM China targets $1.5 billion IPO in Hong Kong

HONG KONG - MGM China Holdings, owned by US casino operator MGM Resorts International and Hong Kong businesswoman Pansy Ho, is planning an initial public offering to boost expansion in China and elsewhere in Asia.

MGM, which is opening an MGM Grand hotel this year in the Chinese resort of Sanya, is looking to expand into Taiwan with non-gaming and leisure properties, Pansy Ho said on Thursday.

The Macao casino operator is planning to raise up to $1.5 billion in a Hong Kong IPO, securing $190 million from cornerstone investors including the billionaire hedge fund manager John Paulson.