Pansy Ho sells MGM Resorts stake
MGM China’s chairperson has disposed of her remaining 1.2 per cent interest in MGM Resorts International.
Macau.- Pansy Ho, chairperson and co-executive director of MGM China, has sold her remaining 1.2 per cent stake in MGM Resorts International in a series of transactions for approximately US$140.1m. The move comes shortly after the US-based casino operator received a us$18bn acquisition offer from Barry Diller’s People Inc.
According to filings disclosed through the Hong Kong Stock Exchange, Ho sold more than 3.066 million shares of MGM Resorts International over five consecutive trading days on May 28-29 and June 1-3, reduced her holding to zero.
Ho’s connection with MGM Resorts dates back to the formation and development of MGM China, where she remains a shareholder. MGM Resorts currently holds 55.95 per cent of MGM China, while Ho and companies controlled by her hold 22.49 per cent of the Macau-listed operator. Ho is also a director of MGM Grand Paradise, in which she holds a 15 per cent stake.
