The daughter of Stanley Ho, Pansy Ho, has sold 2.45 million of her shares in her latest portfolio restructuring bid.
Pansy Ho Sells 2.45m Shares in MGM Holdings
MGM Resorts International partner Pansy Ho has reduced her stake in the Macau-based company, selling off 2.45 million shares, the latest Hong Kong Stock Exchange filings have indicated.
The businesswoman is executive director of MGM China Holdings, the Asia-facing arm of the American hospitality giant, and operator of properties such as MGM Macau and MGM Cotai. Ho’s decision to sell the shares has fetched her $79 million, Seeking Alpha revealed.
According to the news outlet, Ho had sold her shares between November 26 and December 12, slashing her total ownership in the company down to 1.78% from 2.2% previously. Shares sold at $32.12.
Ho Divests Smartly
This hasn’t been the first time Ho sold MGM shares. Before that, in early November, she put 4.5 million shares up for sale, fetching $140.2 million from the transaction. Citing the reason for her divesting, Ho said she was reorganizing her portfolio.
Speaking to GGRAsia, a news outlet focused on Asia’s gaming industry, Ho explained the transacted shares accounted for a very small amount of her shares.
Her lineage makes her one of the most prominent faces in Macau and the gaming industry in the region. Daughter of Stanley Ho, she is a recognizable name. Stanley Ho is the godfather of the gambling industry in Macau where he holds 19 casino properties as part of his SJM Holdings.
Stanley Ho Tries to Buy Crown Resorts
Stanley Ho has been regarded by international community as involved with Chinese organized crime groups. His son, Lawrence Ho, bought 19.99% in Crown Resorts from Australian billionaire James Packer in May.
Yet, the move has stirred some indignation in Australia where authorities have launched investigations into Lawrence, who is also chief executive in Melco Resorts, postponing the operation due to fears of disloyal competition.
The Ho family has been linked to the 14K and Sun Yee On, organized crime groups in China, which has added to the displeasure of Australian investigators.
The Spectre of the Father Haunting the Family
Lawrence and Stanley’s association with their father has thrown a spanner in the works of many of their ventures. In 2002, Stanley received a concession for Macau casinos, which he transferred to his sister, Pansy, who managed to broker a partnership with MGM, and MGM Macau arrived after in 2007.
Pansy had difficulties navigating the United States with the Division of Gaming Enforcement (DGE) in New Jersey deeming her an unsuitable partner, because of her father, even though Nevada had cleared her.
Pansy first increased her stake in MGM Resorts back in 2016 as a broader agreement with the company which purchased more ownership stake in MGM China, increasing the overall shares to 56%.