HONG KONG, Aug 21 (Reuters) - Casino operator MGM China Holding (2282.HK) 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.<\/p>\n
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.<\/p>\n
MGM China, the Chinese arm of U.S. gambling giant MGM Resorts International, said in a filing on Sunday that if the company is awarded the new concession, co-chairperson Pansy Ho will fill that role.<\/p>\n
Register<\/p>\n
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.<\/p>\n
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%.<\/p>\n
($1 = 8.0810 patacas)<\/p>\n
Register<\/p>\n
Reporting by Clare Jim; Editing by Jan Harvey<\/p>\n
Our Standards: The Thomson Reuters Trust Principles.<\/p>\n
<\/p>\n
More: <\/p>\n
MGM China to inject $594 million into Macau unit to re-tender for casino license - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" HONG KONG, Aug 21 (Reuters) - Casino operator MGM China Holding (2282.HK) 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. Continue reading