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Asia round-up: Wynn Macau's Q4 results, Philippines under new Covid alert

Wynn Resorts reports Q4 2021 financial results

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Wynn Resorts has reported an 80% year-on-year operating revenue increase for 2021.

Operating revenues increased by $377.6m, $151.4m, $755.7m and $329.9m at Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor, respectively.

Adjusted EBITDA was $149.1m for Q4 2021, compared to $69.8m for the fourth quarter of 2020.

Adjusted property EBITDA increased $241.3m, $91.4m, $587.2m and $233.8m at Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor, respectively.

Total current and long-term debt outstanding at the end of 2021 was $11.93bn, comprised of $5.97bn of Macau-related debt, $3.13bn of Wynn Las Vegas debt, $2.22bn of Wynn Resorts Finance debt and $612.9m of debt held by the retail joint venture Wynn Resorts consolidates.

Craig Billings, Wynn Resorts CEO, commented: “I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record Adjusted Property EBITDA at both properties during the fourth quarter. Our relentless focus on five-star hospitality and world-class experiences allowed us to further extend our leadership positions in Las Vegas and Massachusetts in 2021.

"In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”

Philippines maintains Covid Alert Level Two

The Philippine Government has decided to maintain the current Covid alert level at Alert Level Two until the end of February.

Although specialists believe the alert level could have been lowered because of the decrease in the number of cases in recent weeks, the Inter-Agency Task Force on Emerging Infectious Diseases has decided to take into consideration Metro Manila Council’s advice to maintain the status quo.

Under Alert Level Two, Manila’s IR can operate at 90% capacity, but only to fully vaccinated guests. Indoor dining is permitted at 80% capacity and outdoor dining at full capacity.

Several other establishments are also allowed to operate at up to 50% capacity for indoor spaces and 70% for outdoor locations.

Moody’s places Crown Resorts’ rating on review for downgrade

Moody’s Investors Service has placed Crown Resorts’ Baa3 issuer rating on review for downgrade.

Blackstone is set to purchase all of Crown’s shares by way of a scheme of arrangement, at a price of AU$13.10 (US$9.36) cash per share.

According to Crown’s Board of Directors, in the absence of a superior proposal, shareholders should vote in favour of the transaction.

Although the details of the proposed transaction have not been disclosed, Moody’s considers that the proposed deal, if completed, will probably lead to a deterioration of Crown’s key debt metrics and less conservative financial policies.

A Moody’s statement about Crown’s potential downgrade read: “Crown's current Baa3 rating reflects our expectation that the company will work to implement the appropriate reform agenda to achieve suitability; and retain its gaming licence in Victoria, as well as in New South Wales, which, if successful, should support the company's rating.

"The rating also reflects Crown's increased financial flexibility stemming from past debt reduction initiatives; and its position as the incumbent license holder at Crown Melbourne in Victoria and Crown Perth in Western Australia where it is the sole casino operator, a large employer, and a significant contributor to state tax revenues.”

Genting Hong Kong ex-CEO interested in purchasing Genting’s Global Dream ship

Billionaire Lim Kok Thay is said to be one of several investors interested in acquiring the Global Dream luxury liner that was under construction at Genting Honk Kong’s now insolvent shipbuilder in Germany.

According to Christoph Morgen, the German court-appointed provisional insolvency administrator for the shipbuilder, several serious interested parties are already in talks to buy the unfinished ship.

Morgen said a deal could happen, but because of the complexity of the case said it won’t happen before next month.

After having resigned as Genting Hong Kong’s Chairman and CEO, Lim contacted Morgen to express his interest in purchasing the ship as the provisional insolvency process was starting.

Morgen suggested that he hopes to find “a better solution for the ship.”

He continued: “My impression is that he would only like to buy it if nobody else would be interested to get it cheap and possible to finish the ship somewhere else. I hope we won’t depend on this because we now have strong interest from many other possible investors.”

The 342-metre ship was about 72% complete when the German government and Genting couldn’t agree on plans to finance it.

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