MGM China’s Co-Chairman, Ms. Pansy Ho, owns 22.5% of the company and had been instrumental in securing a subconcession for MGM China back in 2005. } else { Snow Lake Capital (HK) Limited, together with its affiliates (collectively, “Snow Lake”) is an investment manager and adviser to funds and managed accounts that are in the business of providing investment management and advisory services which include buying and selling securities and other financial instruments. Open Letter to Board of Directors, MGM Resorts International, Snow Lake Letter to MGM Resorts International.pdf. Snow Lake is a leading Asian alternative investment management firm with more than US $3 billion assets under management. A deeper cooperation with MGM Resorts International makes great sense for any of the four Chinese companies, since their core focus is on the travel, leisure and entertainment demand of Chinese consumers. Dear MGM Resorts International Board of Directors. isexpanded[from] = !isexpanded[from]; MGM Resorts International is a world leading gaming operator in terms of hotel rooms in integrated resorts. Trista Pang Electronic trader at Fidelity International Hong Kong SAR. Snow Lake Capital Limited provides investment advisory services. The Macau government plans to start revising Macau’s gaming law by the first quarter of 2021, and to complete the task by the fourth quarter of the same year. With established consumer service scale in mainland China, any of the above-mentioned enterprises will be able to directly contribute to Macau’s tourism recovery through its industry-leading customer base and leisure demand traffic. }, See Full List: All Stocks Held By Snow Lake Capital HK Ltd These holdings place Snow Lake Capital as the largest public shareholder of MGM China. Ms. Ho likely will again play a critical role in MGM China’s bidding of a new concession in 2022. The six gaming concessionaries have also been consistently evaluated based on their non-gaming contributions. Resources. At the end of 2019, Sunac Cutural & Tourism operates 10 projects, 4 tourist resorts, 12 cultural & tourism towns, 39 theme parks, 24 commercial properties and 70 high-end hotels across China. A fruitful cooperation between one of the leading Chinese companies and one of the six Macau concessionaries run by a visionary owner/manager, such as Ms. Ho, sets a great example for China’s Greater Bay Area development initiative. Three subconcessions were subsequently authorized by the Macau government to Las Vegas Sands (NYSE: LVS), Melco Crown (NASDAQ: MLCO) and MGM China. The filing was for a pooled investment fund: hedge fund The notice included securities offered of Pooled Investment Fund Interests It offers over 200 service categories including dine-in, on-demand delivery, hotel booking, bike-sharing, car-hailing and other entertainment and lifestyle services across 2,800 cities and counties in China. The Company offers capital management and financial planning services including endowments, foundations, sovereign … The firm owns roughly 7.5 percent of MGM China Holdings. The firm was founded in 2009 and has offices in Hong Kong and Beijing. Gaming was illegal in Japan before 2018, but the existing pachinko industry has around 4 million pachinko machines that generated about US$31 billion revenue (a similar concept to gross gaming revenue), compared to US$36.2 billion gross gaming revenue from Macau in 2019. Within the next several years, we project Macau’s mainland visitations to potentially exceed Hong Kong, elevating its tourism industry to a new level. The Presentation is not investment advice or a recommendation or solicitation to buy or sell any securities. Snow Lake Capital (hk) Limited is a hedge fund. Connect to CRM . var isexpanded = new Array(); Investment firm Snow Lake Capital on Wednesday urged MGM Resorts International to sell 20% of its China business to a strategic partner, calling it a "win-win transaction" for all. Funds managed by Snow Lake Capital beneficially own 285.4 million common shares of MGM China Holdings Limited (HKEX: 2282 HK), constituting … With a 5-year construction period, its opening date should be around 2027 to 2028. Co. (NYSE:FNB) by 1.4% during the 4th quarter, Holdings Channel.com reports. trs[i].className = 'hiderow'; 9.6 million Chinese tourists visited Japan in 2019, accounting for 30% of Japan’s total in-bound visitations. The Japanese government was scheduled to release the basic policies on the license by January 2020, and the prospective cities would select the integrated resort operator by 2H2020 and submit the final proposal by 1H2021, after which the official licenses would be issued. Link to 13F filings: SEC filings, .htable { font-family: Arial; font-size: 13px; border-bottom: 1px dotted #666666; width: 646px; } Products. 1. Snow Lake currently holds type 4 (Advising on Securities) and type 9 (Asset Management) licences granted by the Hong Kong Securities and Futures Commission. The large customer base matches very well with MGM Resorts International’s resources in dining, boarding, entertainment and MICE in U.S. and Japan. From the examples of the Venetian in Macau and Marina Bay Sands in Singapore, the first integrated resort to open in a large, untapped market enjoys significant first-mover advantages in terms of occupying consumer mind share and establishing brand power. The six concessions will expire in June 2022. Macau is the well-positioned to possibly surpass Hong Kong and become the top destination for China’s outbound tourism, given Hong Kong’s recent struggles with protests and the pandemic. Since the Japanese government relaxed its visa policy in 2015, Chinese visitations has grown at a 5-year compound annual growth rate of 31.8%. These holdings place Snow Lake Capital as the largest public shareholder of MGM China. Although Snow Lake believes the Presentation is substantially accurate in all material respects and does not omit to state material facts necessary to make the statements therein not misleading, Snow Lake makes no representation or warranty, express or implied, as to the accuracy or completeness of the Presentation or any other written or oral communication it makes with respect to MGM China or MGM Resorts International, and Snow Lake expressly disclaims any liability relating to the Presentation or such communications (or any inaccuracies or omissions therein). .showrow { The MGM Resorts International ("MGM Resorts") (NYSE: MGM) Board of Directors acknowledges Snow Lake Capital's letter related to MGM China Holdings Limited ("MGM China"), a separate, publicly traded company. The low-stress way to find your next snow lake capital job opportunity is on SimplyHired. if (table) { She is also the Chairman of Shun Tak Group, whose ferry business remains a vital part of the transportation infrastructure across the Greater Bay Area. Meituan runs one of China’s largest consumer services internet platforms. Under her management, MGM China has been actively involved in art exhibitions showcasing both local and China talents. The 3 large Japanese banks have agreed to the project financing with MGM Resorts International’s 40% participation as a pre-condition. Snow Lake Capital. LAS VEGAS, Jan. 6, 2021 /PRNewswire/ -- The MGM Resorts International (“MGM Resorts”) (NYSE: MGM) Board of Directors acknowledges Snow Lake Capital’s letter related to MGM China Holdings Limited (“MGM China”), a separate, publicly traded company. She has also prominent and active roles in societal committees such as Hong Kong Federation of Women, Chinese People’s Political Consultative Conference and All-China Federation of Industry and Commerce. var to = plus; In 2002, the Macau government ended the gaming monopoly and granted three operating concessions to Galaxy Entertainment Group (HKEX: 27 HK), SJM Holdings (HKEX: 880 HK) and Wynn Macau (HKEX: 1128 HK). font-family: Arial; Macau is the second largest tourist destination for mainland Chinese, while Hong Kong is the largest at 43.8 million visitations in 2019, down 14.2% from 2018. As a result, all six Macau concessions now expire in June 2022. A scenario of not being able to achieve this goal will be disastrous for both MGM China and MGM Resorts International. Snow Lake is a leading Asian alternative investment management firm with US$3 billion assets under management. The Firm provides asset management and financial advisory services to individual and institutional investors. Orix and MGM Resorts will each take 40% equity stake while a consortium of local companies takes up the remaining 20%. The potential partnership between MGM China Co-Chairman Pansy Ho and the new strategic investor can play a significant role in Macau’s diversification and Greater Bay Area integration; 3. Macau’s Chief Executive Ho Iat Seng has already publicly announced that there will no longer be subconcessions. Snow Capital Management LP grew its stake in shares of F.N.B. RO=Responsible Officer, Rep=Representative. It also has the highest market share in high-end and luxury hotel booked room nights in China. } height: 20px; if (isexpanded[from]) { Huazhu Group is the best and one of the fastest growing multi-brand hotel group in China. Snow Lake Capital (hk) LTD is based out of Central. .arow { background-color: #EEFFEE; font-size: 11px; padding-right:3px; } Meanwhile, Wynn Macau and MGM China EV/2019 EBITDA valuations are at the bottom of the sector and trading at a significant discount to their local peers. It currently has secured market access in 20 states and is live in 11 states. MGM Resorts International will still be able to participate in the earnings recovery of MGM China through equity method accounting as Macau’s tourism industry recovers from the COVID-19 pandemic. var table = document.getElementById(tableid); Snow Lake Capital HK Ltd Info: Size ($ in 1000's) At 09/30/2020: $88,460 At 06/30/2020: $41,482 Snow Lake Capital HK Ltd holdings changes, total fund size, and other information presented on HoldingsChannel.com was derived from Snow Lake Capital HK Ltd 13F filings. There are over 84 snow lake capital careers waiting for you to apply! Snow Lake China Master Fund, Ltd. is a hedge fund operated by Snow Lake Capital Limited and has approximately $840.5 million in assets. Attn: Board of Directors trs[i].className = 'showrow'; for(var i = 0; i < trs.length; i++) { Cumulatively, Macau only had 46 COVID-19 cases with 0 deaths and hasn’t had any locally transmitted case since April 2020. Snow Lake Capital (hk) LTD is a registered investment advisory firm with discretionary assets under management (AUM) of $0 (Form ADV from 2020-03-27). The firm was founded in 2009 and has offices in Hong Kong and Beijing.Snow Lake manages capital for institutional clients globally including endowments, foundations, sovereign wealth funds and pensions. However, the entire process has been delayed due to the bribery scandal at the end of 2019 and the subsequent outbreak of COVID-19. The firm owned 1,179,092 shares of the bank’s stock after acquiring an additional 16,146 shares during the period. document.getElementById(imgid).src='https://www.holdingschannel.com/closed.gif'; MGM Resorts International had formed a consortium with Orix Corporation in March 2019 to bid for the Osaka project, and became the only accepted bidder for the project in February 2020. Snow Lake Capital (HK) Limited operates as an investment management firm. Snow Lake China Fund, Ltd. is based out of Grand Cayman. Jonathan Lin. Entain PLC operates multiple brands across more than 20 countries and has about 6% global online market share. .mainrow { background-color: #FFFFEE; padding-top: 3px; padding-bottom: 3px; padding-left:0; padding-right:3px; border-top: 1px dotted #666666; } Snow Lake Capital HK Ltd holdings changes, total fund size, and other information presented on HoldingsChannel.com was derived from Snow Lake Capital HK Ltd 13F filings. } Snow Lake Capital urged MGM to sell 20% of MGM China’s shares to a non-gaming company; ... SJM Holdings, Wynn Macau, Las Vegas Sands, and Melco Crown. F.N.B. BetMGM is run separately by a management team from Entain PLC, which is one of the world’s largest online sports betting and gaming groups. Daniel Gibson. Post COVID-19, these parameters might be re-examined given the long-term impacts on consumer and business behaviors, and the potential changes can be favorable to the return on investment of the Osaka project. Daniel Gibson Founder Sylebra Capital Hong Kong SAR. BetMGM has been doing exceedingly well in the U.S., gaining significant market shares in both online iGaming and online sports betting. Snow Lake may change its views about or its investment positions in MGM China at any time, for any reason or no reason. } According to the most recent estimate from Orix, the integrated resort’s total projected cost will be around US$12 billion, 50%-50% financed by equity and debt. function expandRow(from,plus) { .hiderow { } Investor Sean Ma added to his stake in MGM China. Snow Lake Capital (HK) Limited is a leading Asian alternative investment management firm with over US$3 billion in assets under management. The new 20% strategic Chinese partner will significantly enhance MGM China’s outlook of securing a new concession in 2022, triggering a rerating of the stock. MGM Resorts International can be an important partner for the strategic shareholder’s future internationalization efforts, especially in outbound consumer services to the U.S. and Japan; 6. Snow Lake Capital HK Ltd Info: Size ($ in 1000's) At 09/30/2020: $88,460 At 06/30/2020: $41,482 Snow Lake Capital HK Ltd holdings changes, total fund size, and other information presented on HoldingsChannel.com was derived from Snow Lake Capital HK Ltd 13F filings. Sean Ma Founder and CEO at Snow Lake Capital Hong Kong SAR. Pricing. It purchased 13 mega scale projects from Wanda Group for over RMB 50 billion in 2017-2018. if (isexpanded[from]) { It’s possible that it can even gain an upper hand in the overall industry policy formulation. SFC licensees. color: #111111; Snow Lake is a Asian alternative investment management firm. The initial parameters on the license include a 3% cap on gaming space, a 10-year license period including construction time, and potentially a 30% gaming tax plus corporate profit tax. We have been long-term investors in the Macau gaming industry. Whalewisdom has at least 12 13F filings, and 5 13G filings The Japanese government has always favored the top U.S. operators as the ideal partners for its integrated resorts, and with LVS and WYNN having pulled out, MGM Resorts will be the only game in town. Melco Resorts is the only Macau operator listed in the U.S. and has about 20% of EBITDA contribution from the Philippines, which has been valued much lower than its Macau business historically. Posted on: January 6, 2021, 08:30h. We see several suitable candidates as their businesses are highly synergistic with Macau’s tourism industry as well as MGM China specifically, including Chinese travel and local service focused internet platforms such as Meituan and Trip.com, leading Chinese hotel chains such as Huazhu Group, and leading culture & tourism project operators such as Sunac China. Funds managed by Snow Lake Capital beneficially own 285.4 million common shares of MGM China Holdings Limited (HKEX: 2282 HK), constituting approximately 7.5% of the outstanding shares. Bellagio Hotel & Casino Log In. Among the six concessionaries, three operators are majority-owned and consolidated by U.S. listed companies: Sands China (HKEX: 1928 HK) is 70% owned by Las Vegas Sands, Wynn Macau is 72.2% owned by WYNN Resorts (NASDAQ: WYNN), and MGM China is 55.9% owned by MGM Resorts International. 2 percent of the fund is owned by fund of funds. MGM Resorts’ negotiation power will likely also be significantly enhanced, if it were to stay committed to Japan despite the negative impact on its domestic operations due to the virus. The project’s total GFA will be 1.3 million square meters, with 4 hotel towers totaling 3600 rooms and a 3% area for gaming. The new strategic investor will bring significant non-gaming resources to both MGM China and Macau, which is a crucial factor for the gaming concession re-tendering in 2022; 2. Investing in the premium integrated resort assets of MGM China at the cycle bottom makes strategic sense for these four companies too. Introducing one of China’s top consumer internet platforms as a significant strategic shareholder for MGM China creates a win-win transaction, as it distinguishes MGM China by bringing non-gaming capabilities and resources to Macau at the industry’s post COVID-19 low. It also operates the largest number of hotel rooms in Las Vegas (over 36,000 incl. Snow Lake currently has a long position in MGM China securities (stocks, bonds and/or options, swaps, and other derivatives related to such stocks or bonds). makes up approximately 1.9% of Snow Capital Management LP’s portfolio, making the stock its […] Save. Snow Lake may profit if the trading price of MGM China securities goes up and may lose money if the trading price of securities of MGM China decreases. At the end of 2020, Entain PLC was valued at US$9.1 billion (GBP 6.6 billion). As discussed previously with MGM Resorts International Chief Executive Officer, William Hornbuckle, we believe such a transaction will create a win-win transaction for all parties involved and deliver significant shareholder value to both companies. Las Vegas, NV 89109. } The U.S. sports betting and online gaming market is projected to be worth over US$20 billion by 2025, and BetMGM is expecting to obtain a 15%-20% overall market share. display: none; The Presentation may include forward-looking statements, estimates, projections and opinions prepared with respect to, among other things, certain legal and regulatory issues MGM China faces and the potential impact of those issues on its future business, financial condition and results of operations, as well as, more generally, MGM China’s anticipated operating performance, access to capital markets, market conditions, assets and liabilities, as well as of those of MGM Resorts International. MGM Resorts International will remain the largest single shareholder, while Ms. Pansy Ho and the new strategic investor will be the second and third largest.