Founder of Snow Lake Capital Founder Sean Ma said that the letter he has written and sent earlier this current week to the MGM Resort’s International board praying the gaming platform for selling about 20 percent of its equity share in MGM China Holdings brought into light following the failed talks with the company’s board.
In an interview on Thursday with a Chinese network named 36Kr, Ma did not keep back. He said that while he was opened to conduct further negotiation with MGM, he could adopt a more vehement approach if requires. Snow lake which is a Hong Kong-based property and asset manager owns around 285 million typical shares of China MGM equivalent to around 7.5 percent of the total shares outstanding. It makes Ma’s company the largest and biggest institutional investor in the Macau Betting Industry.
In that letter, the founder of Snow Lake pitches the concept of the operator of Bellagio selling about 20% of its shared of MGM china to a Chinese customer travel or internet and leisure company. The letter further stated that such drive further generates value for different investors in the Macau business while creating value for different investors in the Macau Business while creating cash for the America based firm’s Japan and virtual sports betting or gaming ambitions.
Las Vegas MGM possesses around 56% of the total China business making it a giant shareholder. Pansy Ho who is the daughter of the passed Macau Gaming Moghul Stanley Ho is the second-largest investor.
Stalled Talks
On Wednesday, that MGM Resort confirmed the memo of Ma’s letter, stating that it stays bound to its operations in the world’s largest betting center. It also states that it bolsters continued formulating engagement with shareholders of MGM China.
The license for MGM Cotai and MGM Grand Macau expires in almost 18 months. It confirms the latest tendering process.