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Pansy Ho Stays Firm in MGM China Holdings, Denies Sell-off Speculations

MGM China has firmly refuted recent rumors that co-chairperson and executive director Pansy Ho Chiu King is planning to reduce her shareholding in the company. Speculation arose after Hong Kong media reported the transfer of about 380 million MGM China shares into the Central Clearing and Settlement System (CCASS), hinting at Ho’s potential divestment.

However, MGM China explained that the share transfers, conducted in two phases through Standard Chartered Bank (Hong Kong) and BNP Paribas, were part of pre-arranged transactions with Ho’s custodian banks. As reported by Macau Business, these movements were not indicative of any sell-off by Ho.

Despite market conjecture, MGM China’s financial health appears robust. The company’s third-quarter financials for 2023 showed a significant upturn, with net revenue reaching $813 million, a 10% increase from the pre-pandemic levels of 2019. Moreover, the adjusted property EBITDAR climbed 23% from the second quarter, totaling $226 million. Analysts from JP Morgan Securities (Asia Pacific) acknowledged these results exceeded expectations, mainly due to MGM China’s stronger presence in the mass market.

Pansy Ho, the eldest daughter of the renowned Macau casino mogul Stanley Ho, remains a major shareholder in MGM China, holding all her 380 million shares. While she has reduced her stake in MGM Resorts International since 2019, her commitment to MGM China has remained unwavering.

The current market conditions, marked by a downturn in Macau casino stocks, present additional challenges for any potential divestment by Ho. With most casino stocks, except MGM China, hitting their lowest points since early 2022, it seems unlikely that Ho, known for her reluctance to sell at low prices, would choose this time for significant divestment.

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