Pansy Ho, the daughter of Macau gambling tycoon Stanley Ho, serves on Sotheby's international advisory board .

WSJ: Sotheby's to Launch Hong Kong Gallery

Most observers see eldest daughter Pansy Ho and fourth wife, Angela Leong On Kei, as the main protagonists behind the dispute.

FORBES: Tug Of War For China's Gambling Empire

According to documents filed Monday with the U.S. Securities and Exchange Commission, the IPO would be conducted by MGM Resorts International's joint venture with Pansy Ho, a local entity, though the timing and terms have not been determined.

FORBES