MGM China Holdings has appointed Executive Director Jeny Lau as its Chief Financial Officer, effective August 1, marking an important change to the company's executive leadership.
In her new role, Lau will lead the group's financial operations, assuming responsibility for financial reporting, treasury, budgeting, investor relations, supply chain management, cage operations, as well as both casino and non-gaming accounting.
Already serving as an Executive Director, Lau's appointment expands her responsibilities at a time when MGM China is pursuing broader growth initiatives across Greater China.
The leadership change comes shortly after MGM China completed its US$20m acquisition of MGM Asia Pacific, a move that extends the company's business beyond its integrated resort operations in Macau.
The acquisition gives MGM China full ownership of a hospitality management platform that oversees eight hotels across mainland China, with another 12 projects currently under development. Operating under a light-asset model, the business generates income through hotel management fees, technical services, marketing contributions, loyalty program fees, sales commissions and branded residence-related services.
MGM China said the acquisition supports its long-term strategy of strengthening its presence in the hospitality and cultural tourism sectors while creating additional opportunities for expansion across Greater China.
The company funded the purchase entirely through internal resources.
Because the seller is indirectly owned by MGM Resorts International, MGM China's controlling shareholder, the transaction qualified as a connected transaction under Hong Kong's Listing Rules. However, as the applicable percentage ratios were below 5%, the acquisition was subject only to reporting and announcement requirements and did not require independent shareholders' approval.
The appointment of Lau positions the company with a strengthened finance leadership team as it integrates its newly acquired hospitality business and continues executing its broader growth strategy.
The CFO appointment comes as MGM China broadens its business beyond Macau's integrated resorts through strategic expansion across Greater China
