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Tuesday, April 16, 2024
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Wynn Obtains $1.5B Credit Line From Bank of China

Wynn Resorts/Design: Alex Brooks

Wynn Resorts has entered an agreement with the Bank of China to obtain a $1.5 billion line of credit.

Recent reports have suggested that Wynn plans to spend $100 million to market its sports betting app WynnBet during this year’s football season. Wynn also previously announced its online gaming division, Wynn Interactive, would go public via a SPAC merger with Austerlitz Acquisition Corporation in May. 

But across the globe, Wynn is among the list of casino stocks currently under pressure due to increased government oversight in Macau — a special administrative region of China and the world’s largest gambling hub. 

  • Shares of casino operators in Macau — the only place in China where gambling is legal — lost around $18.4 billion on Wednesday, according to Reuters.
  • Officials in the region announced a 45-day public consultation period would start on Sept. 15, where the number of licenses, the length of license terms, and the level of government supervision will be discussed.
  • Macau more than doubled the number of inspectors earlier this year.

Wynn will also be able to borrow an additional $1 billion if it meets certain criteria, according to a filing. Its stock fell as much as 34% to a record low on Wednesday following the announcement of the consultation period. 

Shares of Sands China, Peers MGM China, Galaxy Entertainment, SJM, and Melco Entertainment also fell Wednesday. U.S. casino companies dropped too, losing as much as $4 billion in market capitalization.

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