Pansy Ho again cuts stake in MGM Resorts, for US$57mln
Pansy Ho Chiu King (pictured in a file photo), a co-chairperson and executive director of Macau casino operator MGM China Holdings Ltd, has sold for US$56.7 million an aggregate of 1.45 million shares in MGM China’s parent, United States-based and -listed casino group MGM Resorts International.
The transaction was at an average price of US$39.015 per share, according to information filed with the Hong Kong bourse, where MGM China is listed.
As of 5am on Thursday, U.S. central time, MGM Resorts’ stock was trading on the open market at US$38.83, according to Reuters data. Its 52-week high is currently US$39.90.
The stock sale took place on February 24, just a week after Ms Ho’s sale of US$35.6-million worth of shares in MGM Resorts.
Prior to the February 24 transaction, Ms Ho had a 1.66-percent long position in MGM Resorts, with just over 8.2 million shares. After the disposal, she retains a 1.36-percent long position, with over 6.7 million shares, said the document.
Ms Ho became a substantial shareholder in MGM Resorts as part of a 2016 deal with that firm. The highpoint value of MGM Resorts’ stock in 2016 was US$30.02, achieved on December 7 that year, according to Reuters data. That price was 30.0 percent below the disposal price of Ms Ho’s latest declared sell-off.
The 2016 exercise had allowed the U.S. group to increase its stake in MGM China to 56 percent, while Ms Ho reduced her stake in the Macau-based casino operator from 27.44 percent to 22.49 percent at that time.
The 2016 deal with MGM Resorts and the separate acquisition of shares from Tracinda Corp, gave Ms Ho access to a 4.8-percent stake in MGM Resorts, it was announced at the time.
Ms Ho still held 22.49 percent of MGM China, as of the date of that firm’s annual results for 2020, lodged with the Hong Kong bourse on February 26.
Related articles
Latest News
Sign up to our FREE Newsletter
(Click here for more)
