alking about MGM China’s bid for land in Cotai, Ho said “we have been very hopeful that this [approval] obviously could happen within the year”. According to a South China Morning Post analysis of Ms Ho’s holdings, she will become the richest woman in Hong Kong after MGM China is listed, with a net worth of about us$ 5.1 billion.
MGM China, which owns gaming operator MGM Macau, is a joint venture between MGM Resorts International and businesswoman Pansy Ho Chiu King. MGM China is gearing up to raise up to us$ 1.5 billion in an initial public offering in Hong Kong.
After the IPO, MGM Resorts will own 51 % of the company and have management control. Ms Ho will retain 26-29 %, while the shareholding public will own 20-23 %. At present, MGM Resorts and Ms Ho each own 50 % of MGM Macau.
According to Jim Murren, co-chair and executive director of MGM China, the changes in the shareholder structure won’t have any impact in the company’s management. MGM China is also looking to go beyond Macau and expand its presence in the Greater China region, said Murren.