Pansy Ho continues to reduce her shareholding in MGM Resorts International as she prepares to take control of Macau competitor SJM Holdings.
The billionaire Hong Kong businesswoman, a daughter of the legendary Stanley Ho, SJM’s founder, recently sold around US$56.7 million of MGM’s NYSE-listed shares and now holds only around 1.3 percent of the company.
She remains, for the time being, co-chair and managing director of MGM China, MGM’s Macau casino operator.
“That has always been our belief that Pansy will leave MGM to go take over the helm at SJM once the concessions have been settled. MGM made it worth her while to help them get over the line,” said industry consultant Ben Lee of Macau-based IGamiX Management.
Lee told the English-language Macau Daily Times he expects Ho’s move to SJM should happen soon after the new concessions tender is finished, aiming to secure a more comfortable position for MGM since SJM’s concession is not considered to be at risk.
Macau’s six concessions𑁋MGM China and SJM among them𑁋were first established in 2002 and set to last 20 years, and so were due to expire or be renewed in June 2022. It’s expected, however, the date will be pushed back, possibly to 2025, to compensate for the damage the market has suffered as a result of the Covid pandemic.
