International edition
June 23, 2021

But she added it will likely create a financial problem in the long run

Pansy Ho reassures Las Vegas has no influence in Macau's MGM

(Macau).- Pansy Ho, managing director of MGM Grand, said that the problems Las Vegas counterparts are now facing will not affect Macau.

We're keeping updated on the influence of the American counterpart's financial difficulties to Macau, it should not be a big influence to us so far,” Pansy Ho said.

Last week, City Center, the us$ 8.6 billion Las Vegas development owned by MGM Mirage and DubaiWorld, was aiming for a potential bankruptcy filing that could bring the massive project to a halt, according to Wall Street Journal and the New York Times.

Its developers, MGM Mirage and Dubai World, will likely fail to make us$ 220 million debt payment due Sunday, they said. The sprawling and unfinished us$ 8.6 billion project may file for bankruptcy within days, though an agreement could be reached before then. Concerns arouse in Macau relating to the possible connection to the MGM Grand Macau, specially related to a possible sell of capitals.

Pansy reaffirmed the Macau project is not included in their grand project in the US, the financial problem of the American counterpart should not have any influence to the 50 % joint venture shareholder. “Despite MGM being our commercial partner, they're dealing with the financial problem individually,” she insisted.

Also in regard to the operation and capital's financial management, she stated there is no great influence. But it will likely create a financial problem in the long run, affecting only the casino part. “If they change their operational mode or the corporation objective, as a joint venture partner, we then shall have to discuss it, as it would affect our daily operational mode.”

As for the human resources in MGM or any layoff to company staff, she stated there is no concern yet and clarified the capital in Macau is not included in the Las Vegas MGM Mirage financial syndication. Therefore, according to the managing director of MGM Grand “any move in the US would not influence the capital in Macau.”

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