CASINO

MGM announces proceeds from IPO

TAGs: IPO, MGM Resorts

MGMAll the cool cats in the gaming industry right now seem to think that launching into an IPO is the way to go. It gives you loads of money, loads of people get to own little parts of your business, and it give you loads of money. Oh shit I mentioned that part already. Oh well.

The cool cats who’ve decided to launch IPOs will now feel somewhat vindicated at the news that came out of one international casino group yesterday. MGM Resorts International announced that it completed its initial offering of 40,900,000 of common stock, giving the company net proceeds of around $511million.

MGM, a company who have a large amount of money invested in one of the victims of the recession, Las Vegas, will be using the money for general corporate purposes including the repayment of debt, and maybe even an evening of drinks to celebrate on the company credit card.

This all comes as Harrah’s announced an IPO earlier today and Betfair earlier this month.

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