Pansy Ho again sells MGM Resorts stock, down to 0.86pct

Jun 09, 2021 Newsdesk Latest News, Macau, Top of the deck  

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Pansy Ho Chiu King (pictured in a file photo), co-chairperson and executive director of Macau casino operator MGM China Holdings Ltd, has grossed approximately US$20.4 million from a fresh sale of stock in MGM China’s parent, United States-based casino group MGM Resorts International.

She sold an aggregate of 467,719 shares in the U.S. firm, with the average per-unit price of MGM Resorts stock at US$43.5245. Following the June 1 exercise, Ms Ho’s previous 0.96-percent long position in MGM Resorts was reduced to 0.86 percent, according to the latest transaction records filed to the Hong Kong bourse, where MGM China is listed.

Prior to the June 1 share sale, Ms Ho had already cut her stake in MGM Resorts several times. Recent transactions were in late May and in February this year.

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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