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.