Asian casino operator MGM China Holdings Limited has reportedly responded to an earlier recommendation from one of its minority investors by announcing that it has no plans to begin restructuring its business.
According to a report from Inside Asian Gaming, Hong Kong-headquartered Snow Lake Capital currently holds a 7.5% stake in MGM China Holdings Limited and earlier this week had urged majority shareholder MGM Resorts International to offload up to 20% of its own interest to at least one of a number of Chinese candidates. The alternative investment firm purportedly detailed that such an arrangement would help the operator behind the luxury MGM Cotai and MGM Macau venues to free up cash, boost shareholder confidence and become more competitive.
Majority matters:
Las Vegas-based MGM Resorts International is responsible for a 55.95% stake in MGM China Holdings Limited while Snow Lake Capital reportedly explained that the disposal of some of this interest could moreover assist the casino behemoth to diversify its Macau offering and increase the chances of its concession for the former Portuguese enclave being extended beyond next year’s cut-off.
Definitive denial:
However, Hong Kong-listed MGM China Holdings Limited has now responded to the plea from Snow Lake Capital by proclaiming that it is not currently looking to make any major adjustments to its ownership structure. The source pronounced that this declaration followed a similar assertion issued yesterday by MGM Resorts International that any such suggested action would have to be in the best interests of shareholders.
Reportedly read a statement from MGM China Holdings Limited…
“The board of directors of the company is aware of an open letter issued by Snow Lake Capital… making recommendations on the shareholding structure and future development of the company. The board confirms that, as at the date of this announcement, the company has no plans to restructure. The board will continue to communicate with the company’s shareholders and operate the company in the best interests of its shareholders and stakeholders, enhancing shareholder value and the performance of the company.”
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