{"id":154816,"date":"2020-11-09T10:03:45","date_gmt":"2020-11-09T18:03:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=154816"},"modified":"2020-11-09T10:42:10","modified_gmt":"2020-11-09T18:42:10","slug":"snow-lake-capital-bought-more-mgm-china-equity","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/","title":{"rendered":"MGM China Insider Sean Ma Buys $16.5 Million Worth of Stock"},"content":{"rendered":"

Sean Ma’s Snow Lake Capital Ltd., a Hong Kong-based asset manager, recently upped its stake in MGM China Holdings (OTC:MCHVF).<\/p>\n

\"MGM
MGM Cotai in Macau. Investor Sean Ma added to his stake in MGM China. (Image: Macau News)<\/figcaption><\/figure>\n

In transactions on Sept. 17 and Oct. 30, the investment firm bought $16.5 million worth of shares in the MGM Macau operator, boosting its position in the company to 6.04 percent from 4.94 percent. It is one of the largest purchases of the stock by an institutional investor over the past year.<\/p>\n

It\u2019s certainly positive to see the recent insider purchase. We also take confidence from the longer-term picture of insider transactions,\u201d notes Simply Wall St<\/i><\/a>.<\/i><\/p><\/blockquote>\n

Over the past year, there have been no large-scale sales of MGM China equity by high-level investors. Founded in 2009, Ma’s Snow Lake is described as an \u201cAsian alternative investment firm,\u201d with $2.5 billion in assets under management. The money manager focuses on companies in the consumer, financial services, healthcare, and technology sectors.<\/p>\n

Good Timing<\/h2>\n

In investing, it’s often better to be lucky than good. But nailing both is even better. To that point, Snow Lake’s increased bet on the MGM Cotai operator was well-timed.<\/p>\n

\n

The US-listed shares of MGM China, which trade over-the-counter, are higher by more than 15 percent in midday trading Monday after Pfizer (NYSE:PFE) and BioNTech (NASDAQ:BNTX) delivered strong Phase 3 trial results for their joint coronavirus vaccine. Earlier today, the pharmaceuticals companies said BNT162b2 had a 90 percent efficacy rate<\/a> in the testing.<\/p>\n<\/div>\n

With 1.3 billion doses of the vaccine slated to be delivered next year, according to the companies, travel and leisure equities are soaring today. That’s as investors speculate the industry could return to normal more rapidly than expected, aiding the pent-up demand thesis so often cited regarding gaming names, such as MGM China.<\/p>\n

Additionally, casino operators with Macau exposure<\/a> are being bid higher today. That’s because it seems former Vice President Joe Biden will be the 46th<\/sup> US president, potentially easing tensions with China and removing some Macau concession renewal risk for American companies.<\/p>\n

More Fortuitous Timing<\/h2>\n

Snow Lake’s September purchase of MGM China shares occurred before the company delivered third-quarter results on Oct. 29. As was the case with rival operators in the world’s largest casino center, those numbers were dismal. But there were some green shoots.<\/p>\n

Revenue jumped 41 percent on a sequential basis, and executives pointed to improving traffic trends during the month of October.<\/p>\n

\u201cMarket-wide daily visitation has been very steadily improving into October Golden Week,\u201d according to the operator. \u201cSince second week of the month, we are seeing improving volume across all segments sequentially week on week.\u201d<\/strong><\/p>\n

Underscoring Ma’s prescience in upping Snow Flake’s MGM China exposure in September were comments from Bill Hornbuckle<\/a>, chief executive officer of MGM Resorts. He said the China unit reached break-even earnings before interest, taxes, depreciation and amortization (EBITDA) last month, and nudged toward profitability in the back half of October.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sean Ma’s Snow Lake Capital Ltd., a Hong Kong-based asset manager, recently upped its stake in MGM China Holdings (OTC:MCHVF). In transactions on Sept. 17 and Oct. 30, the investment firm bought $16.5 million worth of shares in the MGM Macau operator, boosting its position in the company to 6.04 percent from 4.94 percent. It […]<\/p>\n","protected":false},"author":46,"featured_media":154817,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[],"acf":[],"yoast_head":"\nSnow Lake Capital Bought More MGM China Equity<\/title>\n<meta name=\"description\" content=\"Sean Ma's Snow Lake Capital bought $16.5 million worth of MGM China stock, upping its position in the gaming company to six percent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Snow Lake Capital Bought More MGM China Equity\" \/>\n<meta property=\"og:description\" content=\"Sean Ma's Snow Lake Capital bought $16.5 million worth of MGM China stock, upping its position in the gaming company to six percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-09T18:03:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-09T18:42:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/MGMCotai.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"638\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/\",\"url\":\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/\",\"name\":\"Snow Lake Capital Bought More MGM China Equity\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/MGMCotai.jpg\",\"datePublished\":\"2020-11-09T18:03:45+00:00\",\"dateModified\":\"2020-11-09T18:42:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Sean Ma's Snow Lake Capital bought $16.5 million worth of MGM China stock, upping its position in the gaming company to six percent.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/snow-lake-capital-bought-more-mgm-china-equity\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/MGMCotai.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/MGMCotai.jpg\",\"width\":1280,\"height\":638,\"caption\":\"MGM Cotai in Macau. 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