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MGM China to inject $594 mln into Macau unit to re-tender for...

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작성자 Christopher 작성일22-09-24 12:19 조회29회

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HONG KONG, Aug 21 (Reuters) - Casino operator online casino MGM China Holding said 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.
Under the terms of a revised gaming law released by Macau's legislature earlier this year, a online 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.
MGM China, the Chinese arm of U.S.

gambling giant MGM Resorts International, said in a filing on Sunday 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 in the filing, and online casino issue and transfer another 730,000 Class B shares to Ho.

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