Pansy Ho could not have picked a better time to sell a stake worth up to $1.5bn in MGM China, her joint venture with MGM Resorts in the booming casino town of Macao.
Gaming revenues in the former Portuguese colony – the only place gambling is legal in China – are breaking records, driving share prices of Hong Kong-listed Macao casino groups to unprecedented highs.
Investors appear to have cast aside any doubts about the sustainability of Macao’s growth, or the way the casinos rely on opaque junkets to bring wealthy Chinese mainlanders to the gambling tables – their main source of revenues.
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