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MGM China shares rise 2% on debut, after strong start | |
(about 9 hours later) | |
MGM China has made its debut on the Hong Kong stock exchange as investors continue to bank on Macau's gambling boom. | |
The shares ended the day up 2% at HK$15.62. During the session, the company's shares rose as much as 6%. | |
MGM China is one of only six companies that have licences to operate casinos in Macau. | |
The company priced its stock at HK$15.34 per share, the top end of its expected range, raising $1.5bn (£912m). | The company priced its stock at HK$15.34 per share, the top end of its expected range, raising $1.5bn (£912m). |
Gambling revenues in Macau have been rising, turning it into the world's biggest gambling market. | Gambling revenues in Macau have been rising, turning it into the world's biggest gambling market. |
Booming market | Booming market |
Major Asian economies are witnessing robust growth, which has helped revenue and profits of Macau's casino operators rise substantially. | Major Asian economies are witnessing robust growth, which has helped revenue and profits of Macau's casino operators rise substantially. |
Gambling revenue in Macau surged 57% in 2010 to $23.5bn (£14.4bn). | Gambling revenue in Macau surged 57% in 2010 to $23.5bn (£14.4bn). |
As a result, investors have made a beeline for shares of the leading operators in the territory. | As a result, investors have made a beeline for shares of the leading operators in the territory. |
Shares of SJM Holdings, the largest casino operator in the territory, have risen by 240% in the past year. | Shares of SJM Holdings, the largest casino operator in the territory, have risen by 240% in the past year. |
Galaxy Entertainment, which runs six casinos in Macau, has seen its stock price surge by 380%. | Galaxy Entertainment, which runs six casinos in Macau, has seen its stock price surge by 380%. |
Analysts say that as the profile of Macau keeps rising, investors are betting on the operators in a bid to grab a share of the success. | Analysts say that as the profile of Macau keeps rising, investors are betting on the operators in a bid to grab a share of the success. |
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