Stock Market News

MGM China to inject $594 million into Macau unit to re-tender for casino license

2022.08.21 16:14

MGM China to inject $594 million into Macau unit to re-tender for casino license
MGM China to inject $594 million into Macau unit to re-tender for casino license

MGM China to inject $594 million into Macau unit to re-tender for casino license

Casino operator MGM China (OTC:MCHVY) 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 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 (NYSE:MGM) 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 issue and transfer another 730,000 Class B shares to Ho.

After the completion of the deal, MGM China and Ho’s holdings in MGM Grande Paradise will increase to 84.6% and 15% respectively, while MGM Resort International’s stake will drop to 0.4% from 10%.

($1 = 8.0810 patacas)

Source

MGM China to inject $594 million into Macau unit to re-tender for casino license

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 66,853.91 0.85%
ethereum
Ethereum (ETH) $ 3,455.98 2.15%
tether
Tether (USDT) $ 1.00 0.04%
bnb
BNB (BNB) $ 592.78 0.80%
solana
Solana (SOL) $ 174.62 0.46%
usd-coin
USDC (USDC) $ 1.00 0.23%
staked-ether
Lido Staked Ether (STETH) $ 3,459.33 2.02%
xrp
XRP (XRP) $ 0.584519 1.13%
dogecoin
Dogecoin (DOGE) $ 0.128377 4.25%
the-open-network
Toncoin (TON) $ 7.08 3.29%
cardano
Cardano (ADA) $ 0.42452 2.73%
avalanche-2
Avalanche (AVAX) $ 30.61 6.40%
tron
TRON (TRX) $ 0.134217 0.14%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 3.57%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,702.87 1.00%
chainlink
Chainlink (LINK) $ 14.27 0.55%
polkadot
Polkadot (DOT) $ 6.20 2.53%
bitcoin-cash
Bitcoin Cash (BCH) $ 387.48 2.28%
near
NEAR Protocol (NEAR) $ 6.06 3.87%
uniswap
Uniswap (UNI) $ 7.84 1.86%
dai
Dai (DAI) $ 1.00 0.06%
litecoin
Litecoin (LTC) $ 72.26 1.72%
leo-token
LEO Token (LEO) $ 5.72 0.43%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,600.82 2.05%
pepe
Pepe (PEPE) $ 0.000012 3.50%
matic-network
Polygon (MATIC) $ 0.531117 1.75%
internet-computer
Internet Computer (ICP) $ 10.19 0.46%
kaspa
Kaspa (KAS) $ 0.177891 2.34%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 4.28%
ethereum-classic
Ethereum Classic (ETC) $ 23.37 3.03%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.18%
aptos
Aptos (APT) $ 7.24 2.18%
stellar
Stellar (XLM) $ 0.103325 1.93%
monero
Monero (XMR) $ 162.77 0.94%
mantle
Mantle (MNT) $ 0.866405 3.73%
blockstack
Stacks (STX) $ 1.91 0.68%
render-token
Render (RNDR) $ 6.89 0.34%
filecoin
Filecoin (FIL) $ 4.59 3.14%
injective-protocol
Injective (INJ) $ 27.01 0.82%
maker
Maker (MKR) $ 2,775.21 1.61%
arbitrum
Arbitrum (ARB) $ 0.771127 1.51%
hedera-hashgraph
Hedera (HBAR) $ 0.07192 3.72%
okb
OKB (OKB) $ 42.03 2.31%
crypto-com-chain
Cronos (CRO) $ 0.093828 1.04%
dogwifcoin
dogwifhat (WIF) $ 2.51 5.29%
cosmos
Cosmos Hub (ATOM) $ 6.34 3.06%
immutable-x
Immutable (IMX) $ 1.61 2.02%
vechain
VeChain (VET) $ 0.029786 4.28%
bittensor
Bittensor (TAO) $ 337.39 1.56%
arweave
Arweave (AR) $ 32.96 2.82%