Pansy Ho Chiu King, chairperson and co-executive director of MGM China Holdings, has disposed of her entire holding in MGM Resorts International, the U.S.-based parent of the Macau casino operator, through five consecutive trading-day transactions that grossed about $140.1 million.
According to disclosure records filed with the Hong Kong Stock Exchange, Ho sold more than 3.06 million MGM Resorts shares between May 28th and June 3rd. Following the transactions, her long position in MGM Resorts fell to 0 percent, from 0.81 percent on May 28th.
The sales were made across five transactions. Ho sold 1,000,000 shares on May 28th at an average price of $42.4000 per share, followed by 600,000 shares on May 29th at $43.5000 per share. She then sold 400,000 shares on June 1st at $50.2448 per share, 334,784 shares on June 2nd at $48.8847 per share, and 731,373 shares on June 3rd at $48.0950 per share.
The disposals came after People Inc., controlled by U.S. media executive Barry Diller, proposed acquiring an additional 24.1 percent stake in MGM Resorts for $48.30 per share, which would raise its holding to just over 50 percent and give it control of the casino operator.
MGM Resorts currently holds 55.95 percent of MGM China, while Ho and companies controlled by her hold 22.49 percent of the Macau-listed operator. Ho is also a director of MGM Grand Paradise, the Macau concession-holding entity, in which she holds a 15 percent stake.
Analyst reports following People Inc.’s non-binding offer have said MGM China could become a closely watched asset if the transaction proceeds. Seaport Research Partners described MGM China and MGM Osaka as potential “non-core” assets under a People-controlled MGM Resorts, while CBRE Equity Research estimated MGM Resorts’ stake in MGM China at $3.3 billion.
MGM China shares fell over 5 percent on June 8th, leading declines among Macau gaming stocks after opening 4.12 percent lower.
