MGM Resorts announces MGM China Holdings share acquisition

da-based casino operator MGM Resorts International has announced its entrance into a definitive agreement to acquire 188,100,000 ordinary shares of its subsidiary MGM China Holdings from Grand Paradise Macau (GPM).

As a result of the purchase from GPM, an entity controlled by Macau businesswoman Pansy Ho, MGM Resorts will acquire 4.95% of the outstanding ordinary common shares of MGM China, taking their ownership of MGM China’s outstanding common shares to 56%.

Pansy Ho has also entered into an agreement to acquire 4 million shares of MGM Resorts stock from Tracinda Corporation, a deal making her ownership of MGM Resorts 4.8% of the company’s outstanding common stock.

According to data from Thomson Reuters Eikon, this deal makes her the fifth-largest shareholder in MGM Resorts.

Jim Murren, Chairman and CEO of MGM Resorts, said: “MGM Resorts is committed to the long term growth of Macau as a premier international tourism destination and we are pleased that we can build upon our longstanding relationship with Pansy to further work toward out mutual interests.

“Together, we believe in the future of the Macau marketplace and are confident in the success of MGM China as we expand into Cotai next year.”

Pansy Ho said: “The transaction represents another important step in expanding this multifaceted relationship with the MGM Resorts, while remaining a significant shareholder in MGM China.

“I am excited to deepen my relationship with the MGM family.”