{"id":32831,"date":"2022-08-22T05:41:39","date_gmt":"2022-08-22T08:41:39","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32831"},"modified":"2026-04-23T05:39:57","modified_gmt":"2026-04-23T08:39:57","slug":"pansy-ho-to-remain-as-the-managing-director-of-mgm-grand-paradise","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/pansy-ho-to-remain-as-the-managing-director-of-mgm-grand-paradise","title":{"rendered":"Pansy Ho to remain as the managing director of MGM Grand Paradise"},"content":{"rendered":"\n

To comply with Macau’s amended gaming law, Ho’s stake in MGM Grand Paradise will increase from 10 per cent to 15 per cent.<\/p>\n\n\n\n\n\n\n\n

Macau.- Through a company filing, MGM China has announced that Pansy Ho Chiu King<\/strong> will remain as managing director of MGM Grand Paradise SA for at least another 10 years. The company also announced that she will increase her stake in the casino operator from 10 per cent to 15 per cent.<\/p>\n\n\n\n

According to MGM China, the transaction was conducted to comply with\u00a0a requirement of Macau’s new gaming law<\/a>, which states that the managing director of gaming concessionaires must be a Macau SAR resident and hold at least 15 per cent of the company’s equity.<\/p>\n\n\n\n

MGM Grand Paradise will issue and allocate 4,070,000 A shares and 730,000 B shares to MGM China, of which 730,000 MOP B shares will be transferred to Pansy Ho Chiu King. After the transaction is completed, MGM China will hold 84.6 per cent of the voting rights<\/strong> in MGM Grand Paradise. Ho will hold 15 per cent and MGM Resorts International 0.4 per cent.<\/p>\n\n\n\n

Meanwhile, if the bid for the gaming concession is successful, Ho will receive US$8m a year as CEO job, with a bonus based on MGM Grand’s average pre-interest income. Taxes, depreciation and amortization (EBITDA) could be as high as US$95m over the 10-year franchise period.<\/p>\n\n\n\n

Macau’s new gaming legislation allows\u00a0up to six gaming concessions<\/a>\u00a0\u2013 equal to the current number \u2013 with a length of 10 years. Casino operators must have a registered capital of at least MOP5bn while their licences are valid.\u00a0<\/p>\n\n\n\n

The commission tasked to oversee Macau\u2019s gaming concession retender has announced the period for submitting bids will run until 5.45 pm, Macau time, on September 14.<\/p>\n\n\n\n

MGM China posts EBITDA loss of US$48.7m for Q2<\/h2>\n\n\n\n

MGM China<\/strong>\u00a0has shared its financial results for the second quarter of the year, posting\u00a0revenue of HK$1.12bn (US$143m)<\/strong>. That\u2019s a drop of 46.4 per cent quarter-on-quarter and down 53.5 per cent when compared to last year.<\/p>\n\n\n\n

The company saw its adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) for the second quarter of 2022 turn negative to HK$382.4m (US$48.7m). Last year Q2 EBITDA was HK$116m. In the first quarter of 2022 it was HK$45.7m.<\/p>\n\n\n\n

For the first six months of the year, MGM China posted revenue of HK$3.22bn, compared to HK$4.71bn for the same period last year. Adjusted EBITDA was a negative HK$336.7m compared to positive HK$200.35m in H1 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

To comply with Macau’s amended gaming law, Ho’s stake in MGM Grand Paradise will increase from 10 per cent to 15 per cent.<\/p>\n","protected":false},"author":176,"featured_media":10260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM China is adjusting its corporate structure to comply with Macau's amended gaming law, increasing Pansy Ho's stake in MGM Grand Paradise to 15% and extending her managing director tenure for 10 years. This strategic move aligns with new regulatory requirements for gaming concessionaires, amidst MGM China reporting a significant Q2 2022 EBITDA loss and revenue decline.","focusai_entities":"Pansy Ho Chiu King, MGM China, MGM Grand Paradise SA, MGM Resorts International","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"What are the implications?","query":"How will the increased equity requirement for managing directors impact future concessionaire ownership structures and potential M&A activities in Macau?"},{"label":"Concession bid outlook?","query":"Given MGM China's Q2 EBITDA loss, what is the market's outlook on their competitive positioning for the upcoming Macau gaming concession retender?"}],"footnotes":""},"categories":[157,16338],"tags":[1618],"class_list":["post-32831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-mgm-china"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32831"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32831\/revisions"}],"predecessor-version":[{"id":32834,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32831\/revisions\/32834"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10260"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}