In Macau, the Co-Chair for local casino operator MGM China Holdings Limited, Pansy Ho (pictured), has reportedly made approximately $140.2 million after offloading a 0.87% stake she held in parent firm MGM Resorts International.
According to a Thursday report from GGRAsia, the sale of some 4.5 million shares was conducted over a five-day period from November 11 and means that the 57-year-old now holds only a 2.26% stake in Las Vegas-headquartered MGM Resorts International.
MGM China Holdings Limited is one of the ‘big six’ casino license holders in Macau alongside Melco Resorts and Entertainment Limited, SJM Holdings Limited and Galaxy Entertainment Group Limited as well as the local Sands China Limited and Wynn Macau Limited subordinates of Las Vegas Sands Corporation and Wynn Resorts Limited respectively. It reportedly began life as a joint venture between Ho and MGM Resorts International and is responsible for running the former Portuguese enclave’s giant MGM Macau and MGM Cotai properties.
GGRAsia reported that Ho, who is the daughter of Macau casino magnate Stanley Ho Hung-Sun, became a significant investor in MGM Resorts International with a 4.8% shareholding in 2016 following the completion of a deal that saw the American firm boost its stake in MGM China Holdings Limited to around 56%.
However, Ho has herself been steadily reducing her interest in MGM China Holdings Limited reportedly beginning with the initial sale of a 4.95% stake that took her overall investment down to 22.49%. This was purportedly followed by a deal last November that saw the entrepreneur dispose of a 2.1% shareholding in MGM Resorts International while she later took on the roles of Managing Director and Group Executive Chairman for an entity known as Shun Tak Holdings Limited before lodging an attempt to assume majority control of SJM Holdings Limited.