James J. Murren, chairman and chief executive officer of MGM Resorts International, announced that gaming operator MGM Macau is targeting to sell up to 25 percent of its capital in an initial public offering to take place in Hong Kong. “We’re going to list 20-25 percent of the total enterprise. I can’t predict very specific in terms of timing but I can say we’re ready”, Mr Murren told China Daily. At the end of September, MGM Macau filed a proposed listing application with the Hong Kong Stock Exchange. MGM Macau is a joint venture between MGM Resorts International and local businesswoman Pansy Ho Chiu King. Mr Murren stressed that MGM Macau is becoming increasingly profitable. “So the timing [for an IPO] is very fortunate for us," he said. Mr Murren also announced that MGM Resorts International is targeting to enter the mainland market, with MGM hotels scheduled to open in Beijing, Sanya, Tianjin, Chengdu and Shanghai from 2011 to 2014. The Beijing property will be the first to open, in August 2011.
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