For a cool $1.5 billion, Pansy Ho sold 20% of her stake in MGM China to the public and another 1% to MGM, so that MGM had majority control of the MGM China venture. The deal makes Ho wealthier than her father (on paper), despite his multitude of casinos in Macau and his former long-term monopoly in the region.
The Ho family takes a step back
This is just another step away from the prominence once held by the Ho family in Macau. When Las Vegas Sands
Stanley's son Lawrence Ho partnered with Australia's Publishing & Broadcasting Ltd. to build Melco Crown
Same story an ocean away
We've seen this story play out before. Las Vegas used to be identified with characters like Bugsy Siegel, Lefty Rosenthal, and Howard Hughes before Wall Street money started flowing to the desert.
Today, MGM Resorts and Caesars Entertainment, a public company and a private equity buyout, dominate the Las Vegas Strip. It looks like Macau is slowly headed for the same fate just as the party is getting started.
It's a little bit sad to see larger-than-life figures take a step into the shadows, but that's the way the world works. Eventually, Wall Street will take over every good business.