Hong Kong-listed Wynn Macau Ltd says it will inject nearly MOP4.80 billion (US$596.4 million) into Wynn Resorts (Macau) SA. That is in order to comply with Macau’s revised gaming law and the threshold set for the new generation of Macau gaming concessions, said the firm in a Sunday filing. The local unit has also been awarded a new, 10-year concession, as part of the city’s public tender to award new casino rights.
In Sunday’s filing, Wynn Macau Ltd said “in order to enter into a new gaming concession contract” with the Macau government, Wynn Resorts (Macau) “will conduct a capital restructuring” so that the latter’s registered capital is increased from MOP200.1 million to MOP5.0 billion.
As part of the restructuring of the local unit, Linda Chen’s voting rights through her Class A nominative shares will be increased to 15 percent, from the current 10 percent. Macau’s amended gaming law requires that at least “15 percent” of the gaming concession entity’s share capital has to be held by a “managing director” who is a Macau permanent resident.
