Sep 17, 2021 Newsdesk Latest News, Macau, Top of the deck  
Macau casino operator Wynn Macau Ltd has obtained a revolving loan facility totalling US$1.50 billion, “to refinance certain indebtedness of the group,” and “to fund ongoing working capital needs and for general corporate purposes”, it said in a Friday filing to the Hong Kong Stock Exchange.
By close of Hong Kong trading on Wednesday, Wynn Macau Ltd saw nearly 29 percent of its stock value lost, ending at HKD6.40 (just over US$0.82). The decline coincided with a Macau government announcement on Tuesday about proposed changes to that city’s legal framework for the casino industry, including that the Macau government would need to approve Macau operators’ dividends, and that the government would use a delegate system to supervise each operator.
In Thursday trading, Wynn Macau Ltd’s stock declined further, to end the day at HKD6.10.
In its Friday filing, Wynn Macau Ltd – which runs the Wynn Macau resort (pictured) on the city’s peninsula, and Wynn Palace in the Cotai district – said a Cayman Islands entity wholly-owned by the group, called WM Cayman Holdings Ltd II, had secured the revolver loan in an agreement concluded on Thursday.
It consists of one tranche of US$312.5 million, and another of HKD9.26 billion, with the possibility to “upsize” the total facility by an additional US$1.00 billion or equivalent, subject to “various conditions”.
Bank of China Ltd, Macau Branch, is the agent for the deal which is being provided by a syndicate of banks.
Each loan under the revolving facility, consisting of both United States dollar and Hong Kong dollar tranches, will bear interest at the London Interbank Offered Rate (LIBOR) or Hong Kong Interbank Offered Rate (HIBOR), as applicable, plus a margin of 1.875 percent to 2.875 percent per annum based on the leverage ratio of the WM Cayman II entity, calculated on a consolidated basis.
Jul 16, 2024
Jul 12, 2024
Jul 26, 2024
Jul 26, 2024
Jul 26, 2024
Border-casino operator Donaco International Ltd has achieved a 164.17-percent year-on-year increase in its latest quarterly group earnings before interest, taxation, depreciation and amortisation...(Click here for more)
”We’ve got more traction outside of Macau at the moment. But Macau’s going be a bigger focus for us”
David Punter
Regional representative at Konami Australia