Fancy Ho Chiu-King unloads additional MGM Resorts International shares

It invested about $86 million after selling a 0.4% stake in U.S. casino operator MGM Resorts International.

The 58-year-old had a 1.36% stake in the Las Vegas-based company, but sold just over 2 million shares last week to an average of $42.99, bringing the rest of her investment down to 0.96%. Sources detailed that the three trading moves were just over two months after Ho pocketed about $56.7 million from similarly divesting its 0.3% stake.

It has been liquidated in a $397.4 million region since November through a series of deals, including a 2.17% total stake in New York-listed MGM Resorts International, parent of Macau casino operator MGM China Holdings.

In September 2016, ho acquired 4.8 % of common stock as part of a deal to acquire up to 55.95 % of shares in MGM China Holdings Limited. The deal came with a cash component worth $100 million, with the businessman holding a 22.49% stake in the Hong Kong-listed operator behind Macau giant MGM Cotai and MGM Macau properties.

Moreover, it comes about five months after alternative investment firm Snow Lake Capital urged MGM Resorts International to start reducing interest on MGM China Holdings Limited. The Hong Kong-based company reportedly argued that such a disposition could free local subordinates of capital that could help attempts to continue operating in their former Portuguese residence after the end of their license as of June 2022.

Snow Lake Capital founder Sean Marr reportedly pleaded with MGM Resorts International in an open letter and declared that the move would ‘create a win-win deal to all parties involved and deliver significant shareholder value to both companies’. The entrepreneur also said four Chinese companies, including real estate developer Sunak China Holdings Limited, hotel operator Shipper Group, online travel agency and local internet platform Doyen Meime, have already expressed interest in buying stakes in MGM China Holdings Limited.

I hope to enter the Japanese casino market soon by winning Osaka City’s 40-year gambling license


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