MGM exec: Planned Hong Kong IPO moving forward

An executive with MGM Resorts International in Macau told Asian media the company's planned initial public offering on the Hong Kong Stock Exchange "is bubbling along."

In an interview with the Macau Daily Times, MGM Grand Macau President Grant Bowie denied that the company was delaying the IPO, which analysts have estimated could raise $500 million to $800 million for the casino operator.

He told the newspaper the process "is progressing at a normal pace."

Hong Kong media have speculated the IPO could be delayed or postponed because of a lawsuit filed by Hong Kong billionaire Stanley Ho against two of his daughters, Pansy Ho and Daisy Ho.

Lawyers for Stanley Ho claim his daughters broke "an oral agreement" to resolve a family dispute over control of the 89-year-old billionaire's assets.

Pansy Ho operates MGM Grand Macau in partnership with MGM Resorts.

"I can reassure that all partners are committed in launching this IPO," Bowie told the Macau Daily Times.

He said there were no deadlines for the offering.