Wynn Resorts Ltd will provide the facility to Wynn Macau to support the group’s potential future working capital and other funding needs.
Macau.- Wynn Macau has announced that it has entered into an agreement with its US parent company, Wynn Resorts Ltd, for a US$500m revolving loan facility. According to a company filing, the maturity date of the facility is twenty-four months from the date of the agreement and the interest rate is four per cent per annum.
Wynn Macau said the loan agreement will support the company’s potential future working capital and other funding needs, if necessary.
As previously reported by Focus Gaming News, 90 per cent of Wynn Macau’s management has accepted a voluntary plan in which they will receive company stock in exchange for a temporary pay cut from June 2022 to December 2022.
Wynn Macau reported US$161.2m in net losses for 2022 Q1. It also registered a fall in operating revenues to US$298.4m, down 28.4 per cent when compared to the previous year.