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Casino operator MGM China Holding said in a filing on Sunday that it will inject 4.8 billion patacas ($594 million) into its MGM Grande Paradise unit as it prepares to re-tender for a licence to operate its gaming business in Macau.
MGM China, the Chinese arm of US gambling giant MGM Resorts International, said that if the company is awarded the new concession, co-chairperson Pansy Ho will fill that role.
MGM Grande Paradise will issue 4.07 million Class A shares to the company at an aggregate subscription price of 4.07 billion patacas, MGM China said, and issue and transfer another 730,000 Class B shares to Ho. On completion, MGM China and Ho’s holdings in MGM Grande Paradise will increase to 84.6% and 15% respectively, while MGM Resort International’s stake will drop to 0.4% from 10%.
Under the terms of a revised gaming law released by Macau’s legislature earlier this year, a casino needs a minimum capital requirement of 5 billion patacas, and the managing director of the concessionaire must be a Macau permanent resident holding at least 15% of its capital.