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%.


Asian Markets Surge as Japan Election, Fed Rate Cut Bets, and Tech Rally Lift Global Sentiment
How to support someone who is grieving: five research-backed strategies
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate
Australian Pension Funds Boost Currency Hedging as Aussie Dollar Strengthens
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible
Australian Household Spending Dips in December as RBA Tightens Policy
Columbia Student Mahmoud Khalil Fights Arrest as Deportation Case Moves to New Jersey
Yen Slides as Japan Election Boosts Fiscal Stimulus Expectations
Dollar Near Two-Week High as Stock Rout, AI Concerns and Global Events Drive Market Volatility
The ghost of Robodebt – Federal Court rules billions of dollars in welfare debts must be recalculated
Debate over H-1B visas shines spotlight on US tech worker shortages
Every generation thinks they had it the toughest, but for Gen Z, they’re probably right
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record
Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised
Asian Stocks Slip as Tech Rout Deepens, Japan Steadies Ahead of Election 



