MGM Resorts International NYSE:MGM yesterday announced that with Ms. Pansy Ho company plans for a proposed initial public offering of the shares of MGM China Holdings Limited on the Hong Kong Stock Exchange “HKSE”. The transactions will be formulated so that MGM Resorts will obtain 51% ownership, and management control, of MGM China upon consummation of the IPO.
Meanwhile MGM China declared its intension to continue to work closely with the HKSE to address all remaining items in order to achieve a prompt listing of its shares on the HKSE. Moreover, the Listing Committee has issued a comment letter as a part of their ongoing review process.
MGM is basically a Resorts & Casinos industry company and holds a portfolio of about 45,000 employees. Company’s stock price is decreasing for the most recent quarter as MGM Resorts’ three consecutive months’ share decline is -12.60% with its relative strength index of 20. However on semiannual basis its last six consecutive months’ growth recorded +15.80% with relative strength index of 23.
The sales of company have decreased 0.36% during last five consecutive years and resulted $6.02 billion for last consecutive twelve months. The company’s growth of its sales in recent quarter vs. year ago quarter recorded 1.0% which is below the Industry benchmark of 45.70% and below from Standard and Poor’s benchmark of 12%.
The current stock price of company on April 29, 2011 decreased 0.16% and settled to the closing price of $12.66. The company’s average volume is 14.29 million shares. Its fifty two week range was $8.92-$16.94. The total market capitalization remained $6.19 billion.
MGM Resorts’ current stock price is moving above its 52 week low by 41.93% and moving below from 52 week high price by 25.27%. MGM last month stock price volatility remained 2.81%. In its share capital MGM has 488.53 million outstanding shares while company’s float is 330.90 million shares. Ownership of company is 53.60% with insiders owning 0.01%.
MGM Resorts International is a holding company engaged in gaming, hospitality and entertainment. The Company conducts its business through its wholly owned subsidiaries. It primarily owns and operates casino resorts that include gaming, hotel, dining, entertainment, retail and other resort amenities. All its casino resorts operate around-the clock, with the exception of Grand Victoria which operates 22 hours a day, every day of the year. At its wholly owned resorts, its primary casino and hotel operations are owned and managed by it.