Capital Group Companies sells 19.45m shares in Wynn Macau

Macau casino shares fell last week.
Macau casino shares fell last week.

Capital Group has announced it has reduced its stake in Wynn Macau from 6.10 per cent to 5.73 per cent.

Macau.- Wynn Resorts Macau has reported that Capital Group Companies Inc, one of its shareholders, has sold 19.45 million shares for nearly HKD90m (US$11.5m). The sale reduces Capital Group’ participation in Wynn Macau from 6.10 per cent to 5.73 per cent.

The news comes a week after Wynn Macau’s shares fell 15 per cent as mainland China expanded measures to contain a rise in Covid-19 cases. Capital Group Companies Inc previously acquired 4,578,800 shares for nearly HKD33.4m (US$4.29m) in January.

Macau casino operators to be charged up to US$10m for extension of concessions

Casino operators will be required to pay between MOP50m and MOP80m (US$10m) for the extension of their current concessions until the end of the year. TDM Radio also reported that operators will have to present a bank guarantee of up to MOP1.6bn to protect against possible layoffs in the event that their licence is not renewed.

Macau’s current casino licences were due to expire in June 2022 and a tender process for renewal has yet to be held due to delays in changes to Macau’s gaming legislation. However, the government confirmed it will extend the current gaming concessions and sub-concessions for up to six months.

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