MGM China denies rumours of shareholding reduction

MGM China has denied that Pansy Ho Chiu King intends to reduce her shareholding.

Macau.- MGM China has refuted speculation that chairperson Pansy Ho Chiu King intends to decrease her shareholding in the gaming company. The Hong Kong Economic Times had reported that 380 million MGM China shares deposited in the Central Clearing and Settlement System (CCASS) hinted at Ho’s divestment plans. 

However, MGM China has clarified that the share rearrangement was an internal process between Ho and custodian banks, conducted in two stages: mid-October via Standard Chartered Bank (Hong Kong) and mid-November via BNP Paribas. 

MGM China recently shared its financial results for the third quarter of the year. Net revenue was HK$6.4bn (US$812.52m), up 9.7 per cent in quarter-on-quarter terms and 10 per cent when compared to pre-Covid-19 levels. The casino operator reported positive adjusted EBITDA of HK$1.9bn (US$243.1m), up 122 per cent compared to the second quarter of 2019 and 7.9 per cent from the preceding quarter.

See also: Deutsche Bank lowers MGM China 2024 EBITDAR forecast