Grand Paradise Macau is controled by Pansy Ho
JP Morgan reiterates Overweight rating for MGM
Earlier this month MGM Resorts (MGM) announced that it had completed its acquisition of 188,100,000 shares of its subsidiary, MGM China Holdings Limited, from Grand Paradise Macau.
2016-09-07
Reading time 41 seg
Earlier this month MGM Resorts (MGM) announced that it had completed its acquisition of 188,100,000 shares of its subsidiary, MGM China Holdings Limited, from Grand Paradise Macau.
Grand Paradise Macau is controlled by Pansy Ho, who has been drawing down her investment in MGM.
The transaction means that MGM now owns about 56% of MGM China’s shares, up from 51% previously.
JP Morgan’s Joseph Greff reiterated a Overweight rating and $32 price target on the stock Tuesday following the deal:
““For the transaction, MGM issued 7,060,492 shares, paid consideration of $100 million to Ms. Ho, and has agreed to make a deferred cash payment of $50 million to GPM (or its nominee) over time in amounts equal to the ordinary dividends received on the shares
”
As a result, Greff added a penny to his full year earnings estimates, as he now sees MGM earning 59 cents a share.
MGM shares are up 9% so far in 2016. In the past year, the stock has risen nearly 21%.
Leave your comment
RELATED NEWS
Representing a 3.5% monthly increase
AGEM Index rises 51.64 points in April despite annual decline
Covers product, slots, and branding
Wazdan earns triple nominations at AffPapa iGaming Awards 2026 for excellence in slots and branding
COMPANIES
Brings more than 20 years of experience
Zitro Digital appoints Thiago Valadão as Commercial Director for Brazil
New Event Content & Production Manager
HIPTHER appoints Elena Stepanyatova to lead event content and production across conference portfolio
China and digital growth lift quarterly revenue
MGM Resorts posts record first-quarter revenue as profit slips on weaker margins
Hundreds of jobs at risk as shops shut
William Hill owner Evoke to close 270 shops as losses widen on tax hit
NYCE Marketplace
Also authorised in New Jersey, Michigan
Flows secures Pennsylvania Gaming Control Board authorisation
Vor Turbo shares product overview
Sportsbook integration: Deploying betting widgets at scale
Partnership expansion
Riddec Games enters Nirmata Play distribution network through Stargate partnership
Upcoming Philippines casino resort
IDX selected to power 250 gaming tables with X-Trend system at the Westside Resort
LATEST NEWS
ONLINE GAMING
LEGISLATION
SPORTS BETTING
EVENTS
Covers product, slots, and branding
Wazdan earns triple nominations at AffPapa iGaming Awards 2026 for excellence in slots and branding
European circuit expands
PokerStars adds Prague and Aix-en-Provence, France to 2026 live schedule
EVENTS CALENDAR
Highlighted
Affpapa Conference Madrid 2026
Highlighted
MAC Affiliate Conference 2026
Highlighted
SBC Summit Americas 2026
JUN 9th 26 / JUN 11th 26
Live Event Broward County Convention Center, Fort Lauderdale, Florida
Highlighted
PGS 2026
Highlighted
SBC Summit 2026
Highlighted
