Pansy Ho Chiu King, co-chairperson and chief executive director at MGM China, has sold 4.5 million shares in the company’s U.S.-based parent company, MGM Resorts International over a five days period of time.
According to a recent disclosure, from November 11 through November 15, the co-chairperson sold her shares and grossed an aggregate of $140.2 million. Prior to the sale, Ho owned 3.13% of the stock in MGM Resorts. The sale reduced her total control of the stock to 2.26% according to the disclosure. Each share was sold for an average of $31.15.
Ho became one of the dominant shareholders at MGM in 2016 when the company boosted its shares in China by 56%. She gained control of 22.5% of the MGM China stock.
At the time, MGM released a statement that explained, “As consideration for the MGM China shares, the Company issued to Grand Paradise Macau’s (GPM) subsidiary Expert Angels Limited 7,060,492 shares of its common stock and paid consideration of $100 million.”
Her purchase of the MGM stock allowed her to reduce her stake in the Macau based casino from 27.44% down to 22.49%. At the time, it was announced that she purchased her shares at $25 per share, acquiring 4 million of the MGM Resorts stock.
It appears that Ho made a very shrewd move by selling off her stock when she did. Starting from September 30 through the first day she began selling the stock, the price of the MGM shares increased by 13.4%. According to the Hong Kong stock exchange, her $31.15 per share was slightly below the stock trade at the writing but was a nearly 30% increase over the June price of the stock which was listed at $24.
In the same month in 2018, Ho sold off 11.06 million shares of the MGM stock, decreasing her share percentage in the company from 5.16% down to 3.06%.
Her selling of the shares appears to have had no big effect on the overall value of the MGM shares. The company is now working to sell shares to increase to revenue as part of a planned partnership with its real estate investment trust, MGM Growth Properties LLC.
