Very few individuals in the gambling industry hold as much power as Pansy Ho. The daughter of Stanley Ho now controls several major gambling companies and is worth an estimated $5.4 billion. This week, the casino mogul continued to sell stock in MGM Resorts International.
Ho has been selling stock in the company for weeks now. Today, we’re going to explain exactly why this is.
It’s All About Timing For Pansy Ho
As we’ve already mentioned, Pansy Ho remains one of the most powerful individuals in the gaming industry. She’s the managing director of several major companies including Shun Tak Holdings and Sociedade de Turismo e Diversoes de Macau. Ho holds stock in several major US casino companies and is one of the faces of Macau’s gambling industry.
Over the past few weeks, Ho has begun selling stock in MGM Resorts International. It began in late November when she sold 4.5 million shares for an astounding $140.2 million. This reduced her hold in the company from 3.13% to 2.26%.
It appears Ho wants even more money from the major US casino operator. This week, she sold an additional $78.9 million worth of stock in the company. Most analysts credit good timing for these recent sales.
At the moment, MGM Resorts International’s stock prices are surging. The company has been involved in several major Las Vegas hotel sales and is experiencing record revenue earnings.
Pansy Ho remains a majority shareholder in the company. With a few hundred million now in her bank account, it’s likely she’ll reinvest the money back into the gaming market.
MGM Resorts International May Continue Selling Property
MGM Resorts International remains one of the most powerful gambling companies in the world. It owns several of the biggest and most lucrative properties in Las Vegas. As we’ve already mentioned, the company has recently begun selling some of its venues on the Las Vegas Strip.
Both Circus Circus and The Bellagio have been sold. According to several reports, more of these property sales are likely to take place in the future.
Last year, Japan officially legalized casino gambling. The government has agreed to allow three casino-resorts to open in the country. Just about every major casino operator around the world is now attempting to break into this market.
This includes MGM Resorts International. It’s been working extremely hard to develop a presence in Japan. This includes sponsoring an MLB opening game that took place in Tokyo. MGM claims that it’s interested in opening a casino-resort in Osaka or Japan.
In order to pay for a casino-resort in this country, MGM is choosing to sell some of its biggest properties. Interestingly, MGM continues to control The Bellagio. It’s leasing the hotel-casino back from the Blackstone Group for $245 million per year.
Despite Backlash, Pansy Ho Continues to Support Beijing
For months, Hong Kong has been the site of massive protests. Hundreds of thousands of individuals here have been pushing against the government for its new laws towards Mainland China. There is now a serious dispute with those backing Hong Kong’s sovereignty and those described as “pro-Beijing.”
Pansy Ho is one of Hong Kong’s richest individuals. With that in mind, it’s not a huge surprise to see her support Beijing in the ongoing dispute. She recently spoke about the situation during a UN Human Rights Council.
“By speaking out here at the council, I am aggressively chastised by these self-proclaimed freedom fighters who hide behind face masks and anonymous accounts online,” Ho said. “Vicious threats and provocative remarks have been used to incite harassment and defame me, my family and my businesses in an attempt to silence me in presenting a different perspective of the truth.”
Ho also claims that many of the younger individuals in Hong Kong are being “indoctrinated” with “police hatred.”
Pansy Ho has several major connections with Mainland China. Historically speaking, it doesn’t turn out well for powerful individuals in her position to take any kind of negative stance against the Mainland government.
We’ll need to wait and see whether or not Ho continues to sell stock in MGM Resorts International. Make sure to stay tuned for more updates over the next few weeks!