Wynn Macau Ltd sets up charitable foundation
Macau-based casino operator Wynn Macau Ltd has set up a charitable foundation. The charity’s charter was published on Wednesday in the city’s Official Gazette.
According to the charter, Wynn Care Foundation was officially established by Wynn Resorts (Macau) SA. The latter is the Wynn Macau Ltd unit holding the Macau casino gaming rights.
The foundation was officially recognised by the Macau government in July.
Wynn Macau Ltd is not the first casino concessionaire to directly establish a charitable foundation. Galaxy Entertainment Group Ltd established a similar charity in 2014, according to Macau’s Official Gazette.
Other operators – such as Sands China Ltd or SJM Holdings Ltd – are indirectly linked to charities established by their respective founders. All of the city’s casino operators already have specific programmes regarding corporate social responsibility initiatives.
Wynn Care Foundation aims to “promote the prosperous and harmonious development” of Macau, states the charity’s charter. The document adds that the foundation will promote education projects among young people, and provide support to small- and medium-sized enterprises and young entrepreneurs. It will foster volunteering, charitable and community activities, environment protection and sustainable development, and events related either to sports, leisure or culture.
Wynn Macau Ltd is funding the foundation with an initial MOP10-million (US$1.25 million) donation.
The charity’s first president is Linda Chen Chih Ling, Wynn Macau Ltd’s vice chairman and chief operating officer.
Wynn Macau Ltd had already hosted community-related and volunteering activities under the ‘Wynn Care’ moniker.
According to information previously provided by the company, Wynn Macau Ltd made direct donations to charity in 2018 totaling US$13 million. The firm provides financial support for the University of Macau Development Foundation under a donation pledge made in 2011.
The ongoing Covid-19 pandemic has led to increased calls from the Macau population and government for the city’s casino operators to up their support for the community via corporate social responsibility initiatives. A number of legislators have recently suggested that some new social commitments should be written into gaming concession contracts at the time of the public retender process linked to the expiry in June 2022 of the rights of the existing six licensees.
Wynn Macau Ltd reported earlier this month a nearly US$351.6-million net loss in the second quarter of 2020, compared to a US$168.6-million profit in the equivalent quarter a year earlier.
The firm runs the Wynn Macau complex (pictured) on the city’s peninsula and the Wynn Palace casino resort in the Cotai district.
(Updated 6.55 pm, Aug 12)
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