Pansy Ho again cuts stake in MGM Resorts, for US$86mln
Pansy Ho Chiu King (pictured in a file photo), co-chairperson and an executive director of Macau casino operator MGM China Holdings Ltd, sold in late May more shares in MGM China’s parent, United States-based casino group MGM Resorts International.
Following the most recent stock sale – on May 26, May 27, and May 28 – Ms Ho’s original 1.36-percent long position in MGM Resorts has been reduced to 0.96 percent.
She sold an aggregate of 2,016,788 shares in the U.S. firm, according to the transaction records filed with the Hong Kong bourse, where MGM China is listed.
Ms Ho grossed approximately US$86.05 million from the late-May transactions, the records indicate.
The average price per share of MGM Resorts had been US$42.51, US$42.81 and US$43.65 on May 26, May 27 and May 28 respectively, showed data filed with the Hong Kong Stock Exchange.
Those prices represented a minimum 49.9 percent premium to the US$28.36 per share value of MGM Resorts’ stock on January 27, its lowest price this calendar year, according to Reuters data.
Prior to the share sale processes in late May, Ms Ho had cut her stake in the U.S.-based group several times since late 2019. Those occasions were February this year, and in November and December of 2019.
Ms Ho became a substantial shareholder in MGM Resorts as part of a 2016 deal with that firm. It had allowed the U.S. group to increase its stake in MGM China to 56 percent, while Ms Ho at that time reduced her stake in the Macau-based casino operator from 27.44 percent to 22.49 percent.
The 2016 deal with MGM Resorts and a 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 report for 2020, lodged with the Hong Kong bourse on April 13.
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