Industry Update
Press Release 8 January 2021

Snow Lake Capital Sends Letter to MGM Resorts’ Board of Directors

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Snow Lake Capital
  • Urges Board to Sell 20% of MGM China to a Chinese Company as a Strategic Investor
  • Believes Transaction Will Create Significant Shareholder Value for MGM Resorts International
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HONG KONG - Snow Lake Capital Limited, a leading Asian alternative investment management firm with over US$3 billion in assets under management, today sent a letter to the MGM Resorts International (NYSE: MGM) ("MGM" or the "Company") Board of Directors urging them to sell 20% of their MGM China Holdings Limited (HKEX: 2282 HK) ("MGM China") business to a Chinese company as a strategic investor.

Snow Lake beneficially owns 7.5% of the outstanding shares.

Snow Lake's letter to the MGM Board of Directors can be found below and linked here: https://www.snowlakecap.com/Letters.

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MGM Resorts International Statement On Snow Lake Capital Letter

8 January 2021 — 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. MGM Resorts remains committed to Macau and will continue to take actions that are in the best interests of its shareholders and stakeholders.
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About Snow Lake Capital

Snow Lake Capital (HK) Limited is a leading Asian alternative investment management firm with over US$3 billion in assets under management. The firm was founded in 2009 and has offices in Hong Kong and Beijing. With a firmwide headcount of more than 50 professionals, Snow Lake manages capital mainly for global institutional clients including university endowments, foundations, family offices, sovereign wealth funds and pensions.

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