Wynn Resorts gets a $ 1.5 billion credit line with Macau pressure
Wine Resorts Ltd has secured a लाइन 1.5 billion credit line from Bank of China Limited, with casino stocks under pressure amid concerns over increased government surveillance in Macau and the world’s largest gambling den.
The deal allows Vienna to borrow an additional $ 1 billion under certain conditions, the filing said. The funds will be used to refinance loans to Vin Macau and its subsidiaries, as well as to pay for “current working capital needs and general corporate purposes,” Wayne said.
Macau authorities on Tuesday planned to tighten restrictions on operators, including appointing government representatives to “supervise” companies in the Chinese enclave. This led to a crackdown in stock prices, with Macau’s top gaming companies losing a record $ 18.4 billion in market value on Wednesday.
Shares in Vienna Macau fell another 4.7% in Hong Kong on Thursday, after falling 29% the previous day.
Macau, the only place in China where gambling is legal, officials said they would begin a 45-day public consultation period on September 15 to discuss legal reforms. Among the topics covered were: how many licenses are known locally as “concessions” – how long their terms will last and the level of government oversight.
The loan agreement binds Wynn to “certain mandatory prepayment provisions” if Wynn Macau’s gaming operations cease.