Wynn Resorts will provide a facility loan of USD500 million with a maturity date of 14 months to subsidiary Wynn Macau Ltd (Wynn Macau). According to filing to the Hong Kong Stock Exchange, the loan is made in a bid to support the group’s “potential future working capital and other funding needs, if necessary.” Furthermore, Wynn Resorts added that it is confident in the “long-term growth potential of Macau.” As Macau’s market continued to experience decreased visitor numbers during the first quarter (particularly in the second half of the quarter), Wynn Macau recorded a loss of USD98.3 million in the first three months of this year – 31% higher than the losses over the same period last year.
Literature house to open in Q3
The Cultural Affairs Bureau will open a literature house in the next quarter, president Leong Wai Man announced. Located near Tap Seac square, the Macau Literature House will provide a literary center and creative space for exhibitions and related events. The house will comprise an exhibition hall, reading room and multi-functional room. Leong hopes that the house will “have artistic and cultural elements in three of these villas and the remaining seven can have commercial elements such as restaurants, cafes or shops.”
Gov’t to extend gaming licenses Jun.23
The SAR government will formally sign a six-month license extension for casino operators on June 23, local broadcaster TDM reported. The signing has been an expected move ahead of license expirations June 26. The extension, to December 31, allows more time for the highly anticipated rebidding process. All six gaming operators have paid approximately MOP47 million to have their licenses extended.
