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Ho Grabs Half-Stake in MGM Grand Paradise

28 Apr 2005

MACAU – As reported by the Hong Kong Standard: "Casino heiress Pansy Ho has invested US$80 million for a half-stake in MGM Grand Paradise, slated to become the city's fifth casino operator.

"Ho shares ownership of the MGM Grand Paradise with American casino giant MGM Mirage, which published its agreement with Ho in a filing this week with United States securities regulators.

"MGM Grand Paradise is investing about US$775 million to build the MGM Grand Macau casino resort behind the Wynn Macau resort.

"The joint venture is paying about US$200 million to Sociedade de Jogos de Macau, the casino company run by Ho's father, Stanley, for the right to operate in Macau. It hopes to open its first project in late 2007.

"MGM Mirage's filing revealed that Pansy Ho paid US$12.5 million for her shares in MGM Grand Paradise and extended an interest-free shareholder loan of US$67.5 million to the venture.

"…Ho gets to appoint four of the venture's seven directors, who will initially include herself and sister Daisy…"

 
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