Pansy Ho Takes Another Cut Of Stake In MGM Resorts

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Just a few weeks ago, the long-standing casino executive Pansy Ho Chiu King was confirmed to have sold $140.2 million in shares she had in MGM China’s parent company, MGM Resorts International, decreasing her interest from 3.13% to 2.26%. She has now dumped another huge chunk, taking down her investments by another 50%.

The last sale took place between November 11 and November 15, and Ho did not take long to further reduce her stake. Filings with the Hong Kong Stock Exchange show that she signed more than 2.45 million shares that she still owned from November 26 to December 12, which would have been worth around $78.9 million.

Curiously, the stock’s sale appears to contradict Ho’s public comments. She admitted last month that she was getting rid of some of her interests in MGM Resorts, but said it was simply to rebalance her portfolio of investments. She said as the time, “It is only just a restructuring of my own financial portfolio. But this is only representing a very small proportion of the holdings that I have [in the company]. I will continue to hold on to the remaining [portion].”

The transaction timing has served the executive well. Since the fourth quarter started, MGM Resorts has seen its stock increase of 11.32 percent and nearly 6 percent since the beginning of December. Nevertheless, she definitely ought to have held out a little longer, as the stock price is at a new high of $33.08 in 2019. The value was between $31.95 on November 26 and $32.54 on December 12 when she made her latest offer. Now, I very much doubt that she loses sleep over the gains in the fourth quarter.

Ho continues to be the individual with the largest amount of holdings as far as investors go. 1.78 percent of the company is equal to 9.1 million shares, the most owned by any entity. Hedge and mutual funds are the only entities to beat her out.

With the current sell-off, Ho now has a net worth of about $4.5 billion, and it’s uncertain whether she is contemplating any further cuts in her MGM Resorts assets.

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