The fully paid ordinary shares of Crown Resorts will be suspended from quotation at the close of trading today. “Quotation of Crown’s subordinated notes listed on the ASX under the code “CWNHB” will not be suspended,” added the operator.
Moreover, Crown Resorts will be removed from the S&P/ASX 200 before the opening of trading on Monday 20 June.
Earlier this month, Blackstone was granted approval by the Victorian Gambling and Casino Control Commission (VGCCC), as well as New South Wales' Independent Liquor and Gaming Authority (ILGA), for its proposed acquisition of Crown Resorts.
Wynn Macau to receive $500m loan from Wynn Resorts
Wynn Macau’s US-based parent company, Wynn Resorts, will provide a loan facility of $500m to support the group’s liquidity and future working capital, among other funding needs.
The loan given to Wynn Macau has a maturity date of 24 months and Wynn Macau’s parent company will ask for 4% interest per year.
The interest rate will take into account “any prevailing market conditions and other applicable factors – as agreed between the company and Wynn Resorts.”
“The agreement highlights both Wynn Resorts and the company’s confidence in the long-term growth potential of Macau, and the availability of the facility further bolsters the company’s already strong financial position” Wynn Macau, Hong Kong Stock Exchange
This likely refers to the possibility of continued Covid-19 measures in the region, which could force Wynn Resorts to reduce this interest rate or even extend its maturity date.
It's a risk Wynn Resorts appears willing to take, however, given the huge profitability of Wynn Macau pre-pandemic.
Wynn Macau said: “The agreement highlights both Wynn Resorts and the company’s confidence in the long-term growth potential of Macau, and the availability of the facility further bolsters the company’s already strong financial position.”
Government to extend Macau’s operator licences on 23 June
Macau’s Government will sign a six-month extension to its six operators’ licences on 23 June 2022, according to TDM.
Current concessions for Macau’s operators end on 26 June and the Government will announce an extension until the end of the year, following interest in the proposal from all concessionaires.
As part of the extension, agreed at the start of the year, concessionaires will pay a premium in the region of MOP47m ($US5.8m).
They also had to present a bank guarantee to ensure casino workers’ severance pay claims will be met, should concessionaires not see their licences renewed after the end of the year.
Macau’s lawmakers are scheduled to sign the final Gaming Bill revision draft on 15 June, with the Legislative Assembly (AL) expected to vote on it next week.
The initial announcement of a concession extension came back in March, to give Macau’s operators more time to prepare for the tendering process and submit documents to Government.
Affiliate SlotoGate to enter Asian market with its slot and provider reviews
SlotoGate, a casino game reviews company, has announced plans to expand into the Asian market.
Launching in 2021, SlotoGate has been operating in Western markets, including Canada. It has now embarked on enlisting the collaboration of Asian investors, to help it enter a range of Asian markets.
Mitsuhiro Miyazaki appointed SVP of Product Management at Aruze Gaming Australia
Aruze Gaming Australia has announced the appointment of Mitsuhiro Miyazaki as Senior Vice President (SVP) of Product Management for its Asia Pacific regions.
Miyazaki will oversee product planning at Aruze, and develop and implement strategies for company products with a focus on research and development (R&D) and compliance.
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