Pansy Ho Chiu King, chairperson and co-executive director of MGM China Holdings, has fully exited her investment in MGM Resorts International after selling more than 3.06 million shares over five trading sessions, according to filings and market disclosures.
The transactions took place between May 28 and June 3 and generated approximately US$140 million in proceeds. Following the sales, Ho no longer holds any shares in the U.S.-based casino operator.
Public records show that Ho’s position in MGM Resorts declined to zero after the disposals. The transactions reduced her long position from 1.20% to 0.00%, according to filings submitted to the Hong Kong Stock Exchange.
The share sales occurred during a period of heightened attention surrounding MGM Resorts after People Inc., the media and internet conglomerate controlled by Barry Diller, proposed increasing its ownership in the company.
Five-Day Disposal Ends Direct MGM Resorts Holding
Disclosure records show that Ho sold MGM Resorts shares on five consecutive trading days.
The transactions included the sale of 1 million shares on May 28 at an average price of US$42.40 per share, followed by 600,000 shares on May 29 at US$43.50. Additional sales included 400,000 shares on June 1 at US$50.2448, 334,784 shares on June 2 at US$48.8847, and 731,373 shares on June 3 at US$48.0950.
Combined, the disposals involved more than 3.06 million shares and generated approximately US$140.14 million.
Ho has gradually reduced her ownership in MGM Resorts over several years. Her stake stood at 3.13% in November 2019 before a series of sales conducted in 2019, 2021, 2023, and now 2026.
While she no longer owns shares in MGM Resorts directly, Ho remains one of the largest shareholders in MGM China through her personal holdings and companies under her control.
As of the end of 2025, MGM Resorts held a 55.95% stake in MGM China, while Ho and related entities owned 22.49% of the Macau-listed casino operator, as reported by AASTOCKS.
Takeover Proposal Draws Market Attention
The timing of the transactions coincided with a takeover approach involving MGM Resorts.
On June 1, MGM Resorts confirmed that it had received a non-binding proposal from People Inc. to acquire all outstanding shares not already owned by the company. The offer valued MGM Resorts shares at US$48.30 each in cash.
People Inc. already owned 26.1% of MGM Resorts at the time of the proposal. If completed, the transaction would increase its ownership to slightly more than 50%, giving it control of the gaming company.
The proposal values MGM Resorts at more than US$18 billion, including approximately US$6.4 billion in net debt.
The offer also attracted attention because of MGM Resorts’ international assets, including its majority ownership of MGM China and its involvement in MGM Osaka.
Analysts have suggested these businesses could receive increased scrutiny if the proposed transaction advances. Research notes issued after the announcement identified MGM China and MGM Osaka as assets that could become a focus under a different ownership structure.
One estimate placed the value of MGM Resorts’ stake in MGM China at approximately US$3.3 billion.
MGM China Shares Fall
The market reacted negatively following news surrounding Ho’s disposal and the broader developments involving MGM Resorts.
MGM China shares opened 4.12% lower on June 8 and at one point fell to HK$10.80. The stock later traded at HK$10.85, down 4.99%, with turnover reaching approximately HK$106 million.
The decline placed MGM China among the weakest-performing Macau gaming stocks during the session.
Year-to-date, MGM China shares have fallen 18.46%, compared with a 4.09% decline for the broader Casinos & Gaming sector. Over the past month, MGM China was down 5.81%, while the industry average declined 7.32%.
Although Ho has exited her direct investment in MGM Resorts, her position within MGM China remains unchanged. She also continues to serve as a director of MGM Grand Paradise, MGM China’s Macau concession-holding entity, where she holds a 15% interest.