Pansy Ho sell stake again in MGM Resorts for USD 86 million
Ms Ho’s original 1.36% long position in MGM Resorts has been reduced to 0.96% following the recent stock sale.
Ho was named 25th on Forbes’ list of Hong Kong’s 50 richest people in 2021.
Pansy Ho, the executive director of Macau casino operator MGM China Holdings Ltd, sold in late May more shares in the firm’s parent, U.S.-based casino group MGM Resorts International.
Following the most recent stock sale – on May 26, May 27, and May 28 – Ms Ho’s original 1.36% long position in MGM Resorts has been reduced to 0.96%.
According to the transaction records filed with the Hong Kong Exchange, Ms Ho sold an aggregate of 2,016,788 shares in the U.S. firm.
Ms Ho grossed about US$86.05 million from the late May transactions, the records indicate.
The average price per share of MGM Resorts had been US$42.51, US$42.81 and US$43.65 on May 26, May 27 and May 28 respectively, showed data filed with the Hong Kong Stock Exchange.
Those prices represented a minimum 49.9% premium to the US$28.36 per share value of MGM Resorts’ stock on January 27, its lowest price this calendar year.
Prior to the share sale processes in late May, Ms Ho had cut her stake in the parent group several times since late 2019.
Ms Ho became a substantial shareholder in MGM Resorts as part of a 2016 deal with the company.
It had allowed the U.S. group to increase its stake in MGM China to 56%, while Ms Ho at that time reduced her stake in the Macau casino operator from 27.44% to 22.49%.
Editing by Rachel Hu
