Wynn Macau has announced a shareholder loan agreement that will see parent company, Wynn Resorts, provide it with a new US$500m loan facility.
In a filing with the Hong Kong Stock Exchange on June 14th, Wynn Macau stated that the agreement “highlights both Wynn Resorts Limited and the company’s confidence in the long-term growth potential of Macau and the availability of the facility further bolsters the company’s already strong financial position. Wynn Resorts Ltd will provide the facility to the company in order to support the group’s potential future working capital and other funding needs, if necessary, during the term of the facility.”
The facility follows Wynn Macau revealing that 90% of the company’s management staff had agreed to a reduction in salary in return for shares of equal value to the salary reduction, helping the business to reduce cashflow. For the three months to March 31st, Wynn Macau reported a loss of US$98.3m.
