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Casino operator MGM China Holding will inject 4.8 billion patacas ($594 million) into its MGM Grande Paradise unit as it eyes to resume operating its gaming business in Macau.
According to the terms of a revised gaming law passed by Macau's legislature earlier this year, a casino must have a minimum capital requirement of 5 billion patacas, and the concessionaire's managing director must be a Macau permanent resident who owns at least 15% of the capital.
MGM China, the Chinese arm of MGM Resorts International, announced that if the company is awarded the new concession, co-chairperson Pansy Ho will take over.
MGM Grande Paradise will issue 4.07 million Class A shares to the company for an aggregate subscription price of 4.07 billion patacas, and another 730,000 Class B shares will be issued and transferred to Ho.
MGM China and Ho's stakes in MGM Grande Paradise will rise to 84.6% and 15%, respectively, after the transaction, while MGM Resort International's stake will fall to 0.4% from 10%.
