Pansy Ho sells entire MGM Resorts stake for US$140 million amid buyout bid

Pansy Ho Chiu King, chairwoman of Macau casino operator MGM China Holdings Ltd., sold her entire 1.2 percent stake in parent company MGM Resorts International for about US$140 million, exiting a position she had held for years.

The disposal occurred across five consecutive trading days — May 28, May 29, June 1, June 2 and June 3 — according to filings with the Hong Kong Stock Exchange. Ms Ho's long position in MGM Resorts fell to zero from 1.20 percent as a result.

Ms Ho and entities she controls remain substantial shareholders of MGM China with a combined 22.49 percent stake, the filings show. MGM Resorts holds 55.95 percent of MGM China's issued shares as of Dec. 31, 2025, per the company's annual report.

The sale comes days after People Inc., a media and Internet conglomerate controlled by US media mogul Barry Diller, made a non-binding cash offer on June 1 to acquire all outstanding MGM Resorts shares it does not already own for US$48.30 apiece. People Inc. currently holds 26.1 percent of MGM Resorts' common stock. The offer values the company at more than US$18 billion, including about US$6.40 billion in net debt.

MGM China shares opened 4.12 percent lower on Monday and fell as much as 7.4 percent to HK$10.58 before recovering slightly. The stock last traded at HK$10.85, down 5 percent, with 9.3 million shares changing hands for HK$106 million in turnover.

Ms Ho had previously reduced her MGM Resorts holdings in several tranches since 2019, when her stake stood at 3.13 percent. She also sold portions of the position in 2021 and 2023, according to Hong Kong exchange records.

The complete exit by MGM China's chairwoman raises questions about governance alignment between the Hong Kong-listed unit and its US parent, particularly as an unsolicited takeover bid puts MGM Resorts' strategic direction in play. Investors will watch whether People Inc.'s offer triggers a formal review of MGM Resorts' Asian assets, including its controlling stake in MGM China and its Osaka integrated resort project in Japan.

This article is for informational purposes only and does not constitute investment advice.