Sep 04, 2024 Newsdesk Latest News, Macau, Top of the deck  
Macau casino business Wynn Macau Ltd says the conversion price of its US$600 million 4.50-percent convertible bonds due in 2029, will be adjusted subsequent to the company announcing the payment of dividends.
In mid-August, Wynn Macau Ltd declared an interim dividendof HKD0.075 (US$0.01) per share, due to be paid on September 12.
The casino operator resumed this year a dividend payment, announcing in March a 2023 final dividend of HKD0.075 per share.
“Pursuant to the terms and conditions of the convertible bonds, the conversion price is subject to adjustment for, among other things, capital distributions made by the company,” said the casino firm in a Tuesday filing to the Hong Kong Stock Exchange.
The company said the conversion price has been adjusted from HKD10.24375 to HKD10.01212.
Such adjustment will become effective on September 4, in connection with the declaration and payment of this year’s interim dividend, it added.
“Apart from the [price] adjustment, all other terms and conditions of the convertible bonds will remain unchanged,” stated the firm.
Wynn Macau Ltd operates the Wynn Palace resort (pictures) on Cotai, and also runs the Wynn Macau resort on the city’s peninsula. The company is a unit of U.S.-based casino developer Wynn Resorts Ltd.
Wynn Macau Ltd said in May that its board had approved amendments to the company’s dividend policy. According to the amended dividend policy, the firm’s board is to “meet semi-annually to consider the declaration of dividends”.
Wynn Macau Ltd reported operating revenues of US$885.3 million for the second quarter, down 11.3 percent from the preceding quarter. The company said its second-quarter results were negatively impacted by a “slightly lower market share” and a “slightly lower mass hold quarter-over-quarter”
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