By Kate O’Keeffe
Of DOW JONES NEWSWIRES
A person familiar with the matter said Wednesday that MGM China Holdings Ltd., MGM Resorts International’s joint venture, is targeting an initial public offering ahead of a listing in Hong Kong in the first quarter of 2011 at the earliest.
The final date for the offering hasn’t been determined yet, the person said, but the first quarter would represent a delay from MGM China’s original plan.
During MGM Resorts’ second-quarter earnings conference call on Aug. 3, Chief Financial Officer Dan D’Arrigo said the company hoped to list by the end of this year.
In September, MGM China said it had filed an application to list its shares in Hong Kong.
People familiar with matter told Dow Jones Newswires earlier that BNP Paribas (BNP.FR), Bank of America-Merrill Lynch, J.P. Morgan Chase & Co. (JPM) and Morgan Stanley (MS) are the bankers on the deal, which seeks to raise about US$500 million.
The listing would follow last year’s Hong Kong listings of Wynn Resorts’s Wynn Macau and Las Vegas Sands Corp.’s (LVS) Sands China.
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