MGM China injects US$594 million into Macau unit to meet new casino bidding requirements
- The subsidiary, MGM Grand Paradise, will tender for a new gaming concession in Macau, according to a filing
- Pansy Ho, daughter of the late casino magnate Stanley Ho Hung-sun, would serve as managing director if the bid is successful
MGM China will inject 4.8 billion patacas (US$594 million) into a subsidiary that holds a sub-concession to operate casinos in Macau to meet the bidding requirements for a new gaming licence.
The subsidiary, MGM Grand Paradise, will tender for a new gaming concession in Macau, the company said in a filing to the Hong Kong stock exchange on Sunday. If the tender is successful, Pansy Ho, the daughter of the late casino magnate Stanley Ho Hung-sun, will serve as managing director for the concession term of a maximum of 10 years.
MGM Grand Paradise “is in the process of applying for a concession for the operation of games of fortune or chance or other games in casino …[and] will approve Pansy Ho’s designation as the company’s managing director following the grant of a concession”, according to a filing on Monday.
After receiving the injection, MGM Grand Paradise will issue 4,070,000 class A subscribed shares to MGM China at an aggregate subscription price of 4.07 billion patacas. Pansy Ho will receive 730,000 Class B shares at an aggregate subscription price of 730 million patacas.