• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 25 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Smoke and mirrors in Pansy Ho’s MGM ‘sell off’?

Newsdesk by Newsdesk
Fri 15 Apr 2011 at 05:11
3
SHARES
63
VIEWS
Print Friendly, PDF & Email

Why is Pansy Ho selling down from joint control of the MGM Macau casino project done with MGM Resorts?

The prime reason is probably not the old chestnut about the US authorities not liking her father Dr Stanley Ho (though that’s true). The most obvious answer is because she might have her eyes on another prize—control of her father’s Macau investment holding company STDM.

And for once it’s the toughness of Macau’s own regulations, rather than the sniffiness of the Americans, that would initially bar the way for Ms Ho were she to remain as 50% partner in MGM Macau. Macau law stipulates that one person cannot have a controlling interest or joint controlling interest simultaneously in two different gaming concessionaires or sub-concessionaires.

Even if the Macau rules didn’t say that, or anyone in high places was minded to overlook them (we’re talking about the Ho family and Macau after all), it’s true that she would have been hearing from US gaming regulators pretty quickly if and when she did make a move to run STDM without selling down in MGM Macau.

The US authorities have always kept her father at arm’s length because of his alleged links with triads. But they weren’t so fastidious back in 2002—when the new gaming licences were being divvied up—as to tell US gaming companies they couldn’t sign up for concessions in a Macau market where Dr H was going to continue being a major player.

And is Ms Ho’s decision to step back from joint control of MGM Macau quite as comprehensive as it appears to be? According to a filing with the US Securities and Exchange Commission, after the flotation of MGM Macau in Hong Kong (via a company called MGM China Holdings), Ms Ho will be reducing her holding in the joint venture to 29%. This would leave MGM Resorts International with a controlling 51%, Pansy Ho with 29% and public investors with 20%. But it’s also been reported in the Wall Street Journal that, according to a “person familiar with situation,” she is likely to keep her role as Chairman and Managing Director of MGM Macau, though her role will be diminished. That might be enough to satisfy the Macau authorities in the event she also ends up running STDM. But would it satisfy the US regulators that MGM Resorts must answer to in its core markets in Nevada and beyond? US regulators might argue that for Pansy Ho to have an executive leadership role in MGM Macau at the same time as heading up an allegedly ‘triad tainted’ STDM is simply to revisit the same old issues that have caused problems for the Ho family when they have sought to tie up with overseas operators.

When Hong Kong-listed Melco, run by Pansy’s brother Lawrence Ho, started exploring a casino development tie up in Macau with James Packer’s Publishing and Broadcasting Ltd (PBL) back in 2003, it quickly became apparent that using an SJM licence for such a venture wouldn’t wash with the Australian authorities

Dr Ho and the Australians had ‘history’ as they say—dating back to the 1980s and 1990s. No less than three Australian states and one Australian territory knocked him back when he applied to take controlling stakes in casino ventures there. In the end, Mr Ho junior and Mr Packer opted to stump up US$900 million for a sub concession from Steve Wynn’s Macau gaming licence rather than persisting with the plan of using an SJM licence. Even then it took the Australian authorities two years to sign off on the Melco-PBL tie up (which later morphed into a Melco-Crown Ltd joint venture after Mr Packer spun off his gaming interests in PBL into a new company called Crown Ltd).

Meanwhile, back in the fun house that is STDM/SJM, what if anything will this MGM Macau development do to the recent truce between Pansy Ho and her father’s fourth consort, Angela Leong? Under that truce, Ms Leong was reported to be guaranteed six years as boss of SJM Holdings. But if Ms Ho plans a hands-on rather than ceremonial role at SJM’s parent STDM (via the Lanceford shares formerly held by her father), that could put a different complexion on the situation—especially once Dr Ho is no longer around to act as umpire.

RelatedPosts

Macau GGR down 62% year-on-year to MOP$2.48 billion in June

Jefferies updates Macau GGR forecast for 2025 following recent market strength

Wed 16 Jul 2025 at 06:33
MGM China says gambling debts linked to Hong Kong actor Jacky Heung settled, legal matter terminated

MGM China says gambling debts linked to Hong Kong actor Jacky Heung settled, legal matter terminated

Wed 16 Jul 2025 at 05:30
Macau GGR down 62% year-on-year to MOP$2.48 billion in June

Morgan Stanley: Melco and MGM China most likely Macau operators to outperform 2025 EBITDA estimates

Wed 21 May 2025 at 04:57
Fund established to support Nick Niglio family; memorial video released

Fund established to support Nick Niglio family; memorial video released

Fri 16 May 2025 at 05:05
Load More
Tags: MGM ChinaMGM MacauPansy Ho
Share1Share
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Uncertain future for POGO industry suppliers as PAGCOR says operations in “status quo” for now

Maybank: Threat of total ban on Philippines online gaming is real, more clarity from President Marcos likely Monday

by Ben Blaschke
Fri 25 Jul 2025 at 12:34

Malaysian investment bank Maybank has warned that the threat of a total ban on the Philippines’ domestic online gaming, or eGames, sector is real given that political noise is similar to before recent bans on eSabong and POGOs. While Maybank...

MGTO says no apparent impact on visitor numbers from limitation on provision of free snacks in Macau casinos

Macau visitor arrivals rise 13.3% year-on-year to 2,891,003 in June

by Pierce Chan
Fri 25 Jul 2025 at 05:45

According to data from Macau’s Statistics and Census Service (DSEC), a total of 2,891,003 visitors arrived in Macau in June, representing a year-on-year increase of 13.3%. Mainland China remained the primary source of visitors to Macau in June, with 1,995,627...

Philippines IRs see combined GGR fall 10.6% to US$778 million in 2Q25

Philippines IRs see combined GGR fall 10.6% to US$778 million in 2Q25

by Ben Blaschke
Thu 24 Jul 2025 at 17:43

The Philippines’ integrated resorts generated gross gaming revenues of Php93.4 billion (US$1.65 billion) in the first six months of the year, accounting for around 43.4% of the local gaming industry’s GGR according to information from Alejandro Tengco – the Chairman...

Pitch! lands at iconic Sydney Opera House for Regulating the Game 2026

Pitch! lands at iconic Sydney Opera House for Regulating the Game 2026

by Newsdesk
Thu 24 Jul 2025 at 14:49

Pitch! @RTG, the dynamic innovation showcase of the Regulating the Game conference, returns on 10 March 2026 with even more energy, impact and ingenuity - elevating its platform in the breathtaking Yallamundi Rooms at the iconic Sydney Opera House. Designed...

Your browser does not support the video tag.


IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English