Macau casino operator Wynn Macau Ltd says its parent company, U.S.-based Wynn Resorts Ltd, will provide a loan facility of US$500 million, “to support the group’s potential future working capital and other funding needs, if necessary.”
“The agreement highlights both Wynn Resorts and the company’s confidence in the long-term growth potential of Macau, and the availability of the facility further bolsters the company’s already strong financial position,” said Wynn Macau Ltd in a Tuesday filing to the Hong Kong bourse.
The loan facility has a maturity date of 24 months after the date of the agreement, said the Hong Kong-listed firm. The loan carries a 4.0-percent interest rate per year “on funded amounts or any other rate – to take into account any prevailing market conditions and other applicable factors – as agreed between the company and Wynn Resorts from time to time,” it added.
Wynn Macau Ltd runs the Wynn Macau gaming resort on the city’s peninsula, and Wynn Palace, in the Cotai district.
Wynn Resorts controls a 72-percent stake in Wynn Macau Ltd. The group had a total long-term debt outstanding, amounting to US$11.92 billion as of March 31, including US$5.97 billion of Macau-related debt, according to its first-quarter earnings filing.
In May, it was revealed that some of the Wynn group top executives – including some Macau-based executives – had voluntarily reduced the cash amount of their base salary for the remainder of 2022, in exchange for upping their long position in the firm via either share options or restricted shares.
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