BUSINESS

UK lottery operator breaks record; MGM China IPO completed as shares rise

TAGs: Camelot, MGM China

UK lottery operator breaks record; MGM China IPO completed as shares riseUK National Lottery operator Camelot has seen a record number of tickets sold over the past year. Sales hit £5.8billion as the firm thanked a revamp of their popular Thunderball game for the success. Chief executive Dianne Thompson, added: “Our business is all about raising as much money as possible for the Good Causes and creating millions of winners – and this year’s figures clearly show that we’re doing just that.”

Winning ticket holders shared a total of £4.5billion over the past year with charities receiving £1.7billion over the same period. The decision by the Ontario Teachers’ Pension Plan to buy the business for £400million looks like it might have paid off big time.

UK lottery operator breaks record; MGM China IPO completed as shares riseMGM China’s shares made their debut on the Hong Kong stock exchange and the company showed no signs of faltering. Pansy Ho’s joint venture with MGM Resorts rose by 5% on its debut and ended up at HK$16.8 by the end of morning trading. MGM China also used today to announce the completion of their IPO of 760 million shares.

“We are extremely gratified with the overwhelming response and results of our initial public offering,” said Ho. “The confidence bestowed by the investment community is a testament to the success of MGM Macau and the outstanding work of our employees.”

Jim Murren, Chairman and CEO of MGM Resorts, added, “The completion of MGM China’s IPO represents a multi-layered restructuring of our relationship with Pansy and is an important step to increasing the global reach of MGM Resorts International. As a result of these transactions, MGM Resorts will record a significant gain in the second quarter and will now begin to consolidate MGM China’s results. We believe MGM China is in a position to create value for its shareholders and play a significantly increasing role in the future growth of MGM Resorts.”

If being able to operate in Macau wasn’t enough this adds to the business that they’re continuing to build up. It’s not the fastest growing part of the world in the entire gambling industry for no reason!

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