Macau Casinos Get $1.5 Billion in Loans from Wynn and LVS

Two Macau casinos received large loans from their US parent companies, helping them weather the latest COVID shutdown. Although, it may be US gamblers and shareholders who pay the price in the end.

Last month, Wynn Resorts provided a $500 million revolving loan to Wynn Macau. Meanwhile, Las Vegas Sands loaned Sands China $1 billion. The US casino parent companies have worked hard to keep the region’s gambling hub afloat, especially since their Macau gambling license renewals are hanging in the balance.

Loans to Macau casinos could cost Vegas gamblers
Las Vegas is on the rebound. In May, the Vegas airport had its third-busiest month in its history. Nevada casinos booked a gaming win of $1.3 billion — the fourth highest of all time. And average daily room rates topped $175. This is good news for casinos, but bad news for bargain hunters.

Usually, Vegas’ triple-digit heat brings about plentiful comps and incentives. This year, however, summer room rates, parking fees and resort fees are near their peak. Granted, the casinos have some losses to make up, given the 2020 COVID shutdowns and subsequent restrictions. But the gouging seems over-the-top this year.

Source: https://www.onlinegambling.com/news/macau-casinos-get-1-5-billion-in-loans-from-wynn-and-lvs/