Snow Lake Capital is an Asian investment management firm with over US$3 billion in assets. We invest capital on behalf of global institutional clients, including university endowments, foundations, family offices, sovereign wealth funds and pensions. 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. These holdings place Snow Lake Capital as the largest public shareholder of MGM China.

We have been long-term investors in the Macau gaming industry. We think it is in MGM Resorts International’s (NYSE: MGM) best interest to introduce a leading Chinese consumer internet or travel & leisure company as a 20% strategic shareholder in MGM China. 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.

There are six main reasons:

1. 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;