Pansy Ho to serve as MD of MGM China subsidiary
MGM China Holdings has revealed plans to invest MOP$4.8bn (US$594m) into a subsidiary, enabling the unit to qualify for a new Macau casino licence.
The move will work to ensure that the subsidiary, MGM Grand Paradise, meets the condition that licence-holding companies must have capital of at least MOP$5bn.
If the tender is successful, Pansy Ho will serve as MGM Grand Paradise for at least another 10 years, where she will be paid $8m a year and receive 730,000 Class B shares.
Additionally, Ho will receive incentive payments on MGM Grand Paradise’s financial performance, up to a maximum of $95m over the term of the licence.
New Macau gaming regulations stipulate that licensees must have a Managing Director with at least 15% of company capital, an increase from the previous requirement of 10%.
If the share arrangement is successful, MGM China will hold approximately 85% of the unit’s capital and voting rights, Ho 15% and MGM China’s parent company MGM Resorts International 0.4%.
MGM China submitted this information in filings to the Hong Kong Stock Exchange. The company’s Macau rights, held via Grand Paradise, are due to expire on 31 December.
The extension was granted to account for a legal period in which amendments to Macau’s gaming law were ratified for the future.
The six Macau concession holders, Sands China, Wynn Macau, MGM China, Galaxy Entertainment, SJM Holdings and Melco Resorts, will have their bids to retain their licences scrutinised by panel members Cheong Weng Chon, Li Wai Nong, Marina Helena de Senna Fernandes and Adriano Ho.
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