MGM China Holdings Ltd., a Macau casino operator, reported third-quarter profit that missed analyst estimates as rising competition drew some gamblers away from its sole casino in the world’s largest gambling market.
Pansy Ho , the daughter of Macau casino billionaire Stanley Ho , raised the maximum $1.5 billion sought by selling shares in MGM China Holdings Ltd. as gambling revenue surges in the former Portuguese enclave.
MGM China Holdings Ltd. , the Macau venture between Pansy Ho and the biggest casino operator on the Las Vegas Strip, rose on its first day of trading in Hong Kong after raising $1.5 billion in an initial public offering.
Pansy Ho , a daughter of billionaire Stanley Ho , is seeking as much as HK$11.7 billion ($1.5 billion) from an initial public offering of casino operator MGM China Holdings Ltd., according to a term sheet for the sale.
Cathay Pacific Airways Ltd. opposed a Qantas Airways Ltd. venture’s plan to start a budget carrier in Hong Kong, saying the proposal violates local laws and granting access would be detrimental to the city’s interests.
MGM China Holdings Ltd., the Macau venture between Pansy Ho and the biggest casino operator on the Las Vegas Strip, rose to the highest in more than five months in Hong Kong trading after 2011 profit more than doubled.
MGM China Holdings Ltd., the Macau casino operator controlled by MGM Resorts International, said its second-quarter profit rose 11 percent as high-stake gamblers bet more in the world’s largest gaming hub.