MGM Mirage Eyes Asia Stock Offering, Leaving Atlantic City
MGM Mirage MGM Mirage is concerned over their future initial public offering in Asia, and it has caused the company to pull out of the Atlantic City gaming industry. MGM has plans of pulling out of its fifty percent ownership in the Borgata in New Jersey.
MGM was told by regulators in Atlantic City that the company should not partner with Pansy Ho, the daughter of Macau gaming giant Stanley Ho. A report from the regulators claimed that Pansy Ho was an unsuitable partner.
Although that was the view of the New Jersey regulators, MGM did not agree with that label of Ms. Ho. The company, instead of fighting regulators, has decided to pull out of the Atlantic City casino market.
There is a hope that if MGM pulls out of their business interests in AC, then regulators will not follow through with a scheduled meeting before the Commission. A negative outcome to that meeting could make regulators in other states look into MGM Mirage.
Following in the footsteps of other US-based gaming companies such as Wynn Resorts and Las Vegas Sands, MGM is expected to have an initial public offering in Asia later this year.
The other companies raised billions of dollars during their IPO’s and MGM hopes to do the same. MGM will also be listed on the Hong Kong Stock Exchange. Wynn and Sands stock is already being traded on the Hong Kong market.
