Pansy Ho sells off more stock in MGM Resorts for US$36mln

Feb 23, 2021 Newsdesk Latest News, Macau, Top of the deck, World  

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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$35.6 million an aggregate of one million shares of MGM China’s parent, United States-based casino group MGM Resorts International.

The transaction was at an average price of US$35.6006 per share, according to information filed with the Hong Kong Stock Exchange, where MGM China is listed. The sale was on February 16.

Prior to the sale, Ms Ho had a 1.96-percent long position in MGM Resorts, with just over 9.2 million shares. After the disposal, she retains a 1.66-percent long position, with just over 8.2 million shares, said the document.

In November and December 2019, Ms Ho grossed an aggregate of approximately US$219.1 million via share disposal in MGM Resorts.

Ms Ho became a substantial shareholder in MGM Resorts as part of a 2016 deal with that firm. The exercise 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.

As of June 30, 2020, Ms Ho still held 22.49 percent of MGM China, according to the latter’s 2020 interim report filed in Hong Kong in September last year.

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