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20% of its stake to one of a number of Chinese companies.

Inside Asian Gaming, Hong Kong-based alternative investment firm Snow Lake Capital currently holds a 7.5% stake in MGM China Holdings Limited following a pair of acquisitions that caused losses in the $16.5 million region at the end of 2020. The source detailed that the sponsor's founder, Sean Ma, wrote an open letter calling for the divestment of a portion of its controlling stake in MGM Resorts International 'to create a win-win deal for all parties involved and deliver significant shareholder value to both parties'.

Las Vegas-based MGM Resorts International reportedly owns 55.95% of shares in MGM China Holdings Limited, and said the subsidiary recently posted a $94.2 million third-quarter loss as related net profit fell 93.7% year-over-year to just over $46.8 million. The U.S. giant is also reportedly hoping to enter the Japanese casino market, hoping the company will be able to enter negotiations to acquire renowned iGaming and sportsbook operator Entain through a deal estimated to be worth about $12.9 billion.

However, a letter from Jack Ma reportedly argues that MGM Resorts International should further consider freeing up capital by selling a portion of its stake in MGM China Holdings Limited to a new strategic investor. The document says such efforts will reportedly allow the casino giant to attract "significant non-game resources" for both its subsidiaries and Macao, helping it attempt to continue operating in the former Portuguese region even after its current license expires.

Regarding the buyer's offer for a portion of MGM China Holdings Limited' stake in MGM Resorts International, the letter reportedly mentioned four Chinese companies, including real estate developer Sunak China Holdings Limited, hotel operator Shipper Group, online travel agency and local internet platform Doyen Mayme.

"As an important strategic shareholder of MGM China Holdings Limited, introducing one of China's top consumer internet platforms results in a win-win transaction because the industry post-coronavirus allows us to distinguish MGM China Holdings Limited by supplying non-game features and resources to Macau.
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Friday, March 8, 2024
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