Wynn Macau’s registered capital was increased from MOP200.1m to MOP5bn (US$621m) in order to fulfil new gaming concession requirements.
Macau.- After being notified by the Macau government that it has been provisionally awarded one of Macau’s next gaming concessions, Wynn Macau immediately announced it will conduct a capital restructuring into Wynn Resorts (Macau) SA It will increase its casino subsidiary’s registered capital from MOP200.1m to MOP5bn (US$621m).
Wynn Macau will issue new shares at a par value of MOP$1,000 each. Of the total, 729,990 Class A shares will be subscribed by Linda Chen, the vice chairman and CEO of Wynn Macau, who is also set to take on the role of president of the company in 2023.
A further 2,447,949 Class B shares will be subscribed by Wynn Resorts (Macau) Limited, with 1,621,961 Class C shares to be subscribed by Wynn Resorts International.
The company stressed that Linda Chen “does not benefit directly or indirectly from the proposed subscriptions, the proposed payment and the deemed disposal as her shareholding in Wynn Resorts Macau is solely to satisfy the requirements of the Macau Gaming Law in order to maintain its principal business operations.”
Linda Chen’s voting rights through her Class A nominative shares will be increased from 10 per cent to 15 per cent and the Company’s voting rights through its indirect holding of Class B and Class C nominative shares will be reduced from 90 per cent to 85 per cent.
Macau’s revised gaming law requires at least 15 per cent of gaming concessionaires’ share capital to be held by “managers” who are permanent residents of Macau.