• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Wynn Macau seeks nod for share repurchase scheme

Apr 19, 2018 Newsdesk Latest News, Macau, Top of the deck  


Wynn Macau seeks nod for share repurchase scheme

Macau casino operator Wynn Macau Ltd is to ask investors for a mandate to repurchase up to 10 percent of the total number of issued shares in the firm.

Wynn Macau Ltd is majority-owned by U.S.-based Wynn Resorts Ltd. There has been speculation of a possible separate sale of the Macau unit since the resignation in early February of the group’s founding chairman and chief executive Steve Wynn. By repurchasing its stock, a company can improve value for the holders of its outstanding shares.

The Wynn Macau Ltd share repurchase proposal will be put to the annual general meeting in Macau on June 1.

Repurchase of shares would be funded “entirely from the company’s available cash flow, capital facilities or cash on hand,” the firm said in a Wednesday filing to the Hong Kong Stock Exchange.

The document added that the directors would not pursue share repurchase to such an extent that it would have any “material adverse effect on the working capital requirements of the company or the gearing levels that, in the opinion of the directors, are from time to time appropriate for the company.”

Wynn Macau Ltd had cash and cash equivalents equal to nearly HKD5.24 billion (US$667.5 million) as of December 31, the firm said in its annual results filed on March 23.

If approved, Wynn Macau Ltd directors would be authorised to repurchase up to 519,671,260 shares, representing 10 percent of the total number of shares in issue as at the date of the 2018 annual general meeting. Shares of Wynn Macau Ltd closed at HKD30.95 in Wednesday’s trading.

Rival Macau casino operator Galaxy Entertainment Corp Ltd acquired last month a nearly 5-percent interest in the parent Wynn Resorts for a gross consideration of US$927.5 million. The parent controls 72 percent of Wynn Macau Ltd, according to the latter’s annual report, filed in Hong Kong on Wednesday.

In other developments, Bloomberg reported on Wednesday – citing people familiar with the matter but which it did not identify – that Wynn Macau Resorts SA, the unit of Wynn Macau that holds a Macau gaming licence, was seeking to tighten the financial conditions on a US$3.05 billion-equivalent loan facility, providing stronger protections to the banks involved.

The casino group was willing to cut the maximum leverage ratio – a measure of total debt relative to earnings before interest, taxation, depreciation and amortisation (EBITDA) – on the loan to four times from 2020 onwards, while seeking to extend the maturity, reported Bloomberg, citing the sources.

Mr Wynn had said on the parent firm’s fourth-quarter and full-year earnings call in January that the group had been “encouraged” by the Macau government to file plans for a phase two for its Wynn Palace resort on Cotai, which he said the group was “working on now”.

GGRAsia approached Wynn Macau Ltd for comment on the report regarding tightening of conditions on a loan, but had not received a reply by the time this story went online.

Banking group Morgan Stanley said in an April 8 note that it expected Wynn Macau Ltd would report the fastest EBITDA growth among Macau’s six casino operators for the first quarter. It expected the expansion to have been 16 percent, judged quarter-on-quarter.


  • tweet
Related articles
  • Contractor named, work starts for Wynn UAE scheme
    Contractor named, work starts for Wynn...

    Mar 23, 2023  

  • Wynn Resorts to break ground for UAE in weeks: CFO
    Wynn Resorts to break ground for UAE in...

    Mar 16, 2023  

More news
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govt
    Macau March GGR up 247pct y-o-y, to...

    Apr 01, 2023  

  • Some Macau hotels say no rooms vacant 3 days of Easter
    Some Macau hotels say no rooms vacant 3...

    Mar 31, 2023  


Latest News

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Apr 01, 2023  

Macau’s casino gross gaming revenue (GGR) was up 246.9 percent year-on-year in March, to just under MOP12.74 billion (US$1.58 billion). The March tally was up 23.4 percent month-on-month,...
Read More
Some Macau hotels say no rooms vacant 3 days of Easter

Some Macau hotels say no rooms vacant 3 days of Easter

Mar 31, 2023  

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Mar 31, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Efforts have pivoted to the construction of the hotel tower, with plans to launch a soft opening before the end of 2024 and a grand opening in 2025”

Casino investor LET Group

On the development of a casino hotel in Manila, the Philippine capital



Most Popular

  • Some Macau hotels say no rooms vacant 3 days of EasterSome Macau hotels say no rooms vacant 3 days of Easter March 31, 2023
  • Japan govt delays IR decision due to local elections: reportJapan govt delays IR decision due to local elections: report March 30, 2023
  • Sands China ups ties to China showbiz giant Star CMSands China ups ties to China showbiz giant Star CM March 29, 2023
  • Macau 2023 GGR at 45pct of pre-Covid level: Moody’sMacau 2023 GGR at 45pct of pre-Covid level: Moody’s March 31, 2023
  • Macau got 16k mainland package tourists in Feb reopeningMacau got 16k mainland package tourists in Feb reopening March 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us