In a major move, the chief executive director and co-chair for MGM China, Pansy Ho Chiu King, has reportedly sold over $140 million worth of shares in MGM Resorts International.
This means a reduction of her stake in the parent company from 3.13% to 2.26%. Her holdings are down by 50% following several sales in November according to data from the Hong Kong Stock Exchange to the tune of a whopping $78.9 million.
What does it all mean? Ho says,
“It is only just a restructuring of my own financial portfolio. But this is only representing a very small proportion of the holdings that I have [in the company]. I will continue to hold on to the remaining [portion]”
Her downloading hasn’t hurt MGM Resorts’ stock that has shown an increase of 11.32% since the fourth quarter began and 6% since early December. In fact, the stock has just hit a new high of $33.08.
Nonetheless, Ho maintains the largest holdings with 1.78% of the company or a total 9.1 million shares. Her estimated net worth approaches $4.5 billion. All eyes are watching her next move.