GGRAsia – Wynn Macau Ltd secures $500m loan from parent company
Wynn Macau Ltd secures $500m loan from parent company
Macau casino operator Wynn Macau Ltd said its US-based parent company, Wynn Resorts Ltd, would provide a US$500 million loan facility, “to support potential future working capital of the group and other financing needs, if necessary”.
“The agreement underscores both Wynn Resorts and the company’s confidence in Macau’s long-term growth potential, and the availability of the facility further strengthens the company’s already strong financial position,” Wynn Macau Ltd said in a Hong Kong stock exchange filing on Tuesday. .
The loan facility has a maturity date of 24 months after the date of the agreement, the Hong Kong-listed company said. The loan bears an interest rate of 4.0% per annum “on the amounts financed or such other rate – to take into account prevailing market conditions and other applicable factors – as agreed between the company and Wynn Resorts of time to time,” he added.
Wynn Macau Ltd manages the Wynn Macau gaming complex on the city’s peninsula and the Wynn Palace in the Cotai district.
Wynn Resorts controls a 72% stake in Wynn Macau Ltd. The group had total long-term debt outstanding, amounting to $11.92 billion as of March 31, including $5.97 billion of Macau-related debt, according to its first-quarter report. income deposit.
In May, it was revealed that some of the Wynn Group’s senior executives – including some Macau-based executives – had voluntarily reduces cash amount of their base salary for the remainder of 2022, in exchange for increasing their long position in the company via stock options or restricted stock.