Pansy Ho, co-chairperson and executive director of the gaming operator MGM China Holdings Ltd (MGM), continues to reduce MGM’s participation in the Macau gaming operator’s parent company MGM Resorts International.
According to a filing to the Stock Exchange of Hong Kong where MGM is listed, this time, Ho sold some 204,459 shares in just a single day.
The transaction granted Ho a total of USD9 million (MOP72 million).
Prior to this sale on June 9, Ho had cut her stake in MGM Resorts several times this year, following the reduction in the participation process which started in November 2019.
This is the fourth time this year that Ho has reduced her participation in MGM Resorts International, pocketing as much as MOP1.47 billion.
Before the first transaction, in November 2019, Ho had just over 8.2 million shares.
After her latest sale, her stakes are now reduced to about 4.5 million shares, representing a 45.1% cut in her participation in the company.
As the Times has reported, the reduction of Ho’s progressive participation in MGM Resorts hints to her likely abandoning the company in favor of her family-owned concessionaire SJM Holdings Ltd in the future. RM
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