Wynn
Resorts' Cuts Macau Casino Loan
As reported by Bloomberg:
"Wynn Resorts Ltd., the Las Vegas casino
company, this week cut the borrowing cost for
its Macau gaming project amid bank demand for
investment opportunities in the only place in
China where casinos are legal.
"Wynn Resorts'
lenders agreed to cut the interest on $764 million
of loans to fund its $1.1 billion venture in
Macau as banks offered to lend more than it
sought. Gaming companies including MGM Mirage
and Las Vegas Sands Corp. are spending more
than $12 billion on new casinos in the former
Portuguese colony near Hong Kong that ended
a casino monopoly in 2001.
"…The Wynn Macau loan `sets the
benchmark for financing that will follow in
the gaming, leisure and property sector in Macau,'
said Ashley Wilkins, head of project finance
at Societe Generale's Corporate & Investment
Banking in Hong Kong.
"Las Vegas-based Wynn will get $744 million
from a dual- currency loan arranged by Bank
of America Corp., Deutsche Bank AG and Societe
Generale. It's also borrowing HK$156 million
($20 million) from Banco Nacional Ultramarino
SA, a unit of Caixa Geral de Depositos SA, Portugal's
biggest bank, the arrangers said in a news release
Sept. 14…"
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