GGRAsia – Pansy Ho sells 4.5mln shares in MGM Resorts for US$140mln

Pansy Ho sells 4.5mln shares in MGM Resorts for US$140mln

Nov 21, 2019 Newsdesk Latest News, Macau, Top of the deck

Pansy Ho Chiu King, co-chairperson and executive director of Hong Kong-listed MGM China Holdings Ltd, has sold a total of 4.5 million shares in the firm’s U.S.-based parent MGM Resorts International in just five days.

Ms Ho (pictured in a file photo) grossed an aggregate US$140.2 million from the exercise, which started on November 11, according to records filed to the Hong Kong bourse.

Prior to November 11, Ms Ho held a stake of 3.13 percent in MGM Resorts. Her stake had been reduced to 2.26 percent by November 15, a disclosure record showed.

The average sale price per MGM Resorts share was approximately US$31.15.

Ms Ho became a substantial shareholder in MGM Resorts as part of a 2016 deal with the firm. The exercise allowed the U.S.-based casino operator 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 the time, it was announced Ms Ho had separately entered into an agreement to acquire 4 million MGM Resorts shares at US$25.00 per share from Tracinda Corp, a vehicle founded by the late Kirk Kerkorian, who was a long-term MGM Resorts investor.

The 2016 deal with MGM Resorts and the acquisition of the Tracinda shares gave Ms Ho access to a 4.8-percent stake in MGM Resorts, it was announced at the time.

Prior to this month’s sale, Ms Ho had previously made a major disposal of MGM Resorts shares in November last year. At the time, she sold more than 11.06 million shares in the company, reducing her shareholding from 5.16 percent to 3.06 percent, according to records available in the official website of the Hong Kong Stock Exchange.