Currently, the group has said the principal amounts and terms of the new notes are yet to be determined.

The group stated it has HKD17.7bn ($2.3bn) in cash and cash equivalents and HKD1.4bn in available borrowing capacity.

In the announcement, the group discussed the impact COVID-19 had on the business and stated it managed to reduce its daily operating costs per day from HKD23m to HKD15.5m, comparing the month of July in 2019 and 2020.

The group expects to “to achieve break-even adjusted EBITDA upon reaching approximately 40% of our historical gross gaming revenues run-rate.”

In its announcement, the group said it believes “the recovery in Macau will be driven by premium guests,” basing the prediction on the 25% growth in revenue that was “driven primarily by our VIP and premium mass market guests, despite significant travel restrictions” since the casinos re-opened in February.