Wynn Macau Amends $1.5B Credit Revolver

Wynn Macau, Ltd., the China arm of Wynn Resorts (NASDAQ:WYNN), announced in a filing with the Hong Kong Stock Exchange that lenders agreed to amendments on the gaming company’s $1.5 billion credit facility.

The announcement comes as the operator, along with other Macau concessionaires, face ongoing obstacles in the world’s largest casino center. In April, operators in the special administrative region (SAR) posted gross gaming revenue (GGR) of just $331.2 million — the worst monthly tally since September 2020.

The lenders agreed to (i) waive certain financial covenants in the Facility Agreement in respect of the relevant periods ending on the following applicable test dates (a) 30 June 2022; (b) 30 September 2022; (c) 31 December 2022; and (d) 31 March 2023; and (ii) provide for a floor on the interest rate margin of 2.625% per annum through 30 June 2023,” according to the filing.

Wynn Macau runs its eponymous venue and Wynn Palace in Macau. The final maturity of debt outstanding under the credit facility is September 2025. Lenders include a consortium of banks, led by the Macau branch of Bank of China.

Source: https://www.casino.org/news/wynn-macau-reworks-1-5-billion-credit-revolver/