Macau Casinos Get $1.5 Billion in Loans from Wynn and LVS
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Wynn Resorts provided a $500 million revolving loan to Wynn Macau and Las Vegas Sands loaned Sands China $1 billion. US casino parent companies have worked hard to keep the region’s gambling hub afloat.
In May, Nevada casinos booked a gaming win of $1.3 billion. Average daily room rates topped $175. Summer room prices, parking fees and resort fees are near their peak. Macau casinos shut down again last Monday due to a COVID outbreak. MGM Resorts, Wynn and Las Vegas Sands have floated sizable loans to bail out their Macao casinos.
MGM is going to charge customers an Oxygen Access Fee if they want to breathe while staying on the property.
Apollo Global Management bought Harrah's Entertainment in 2006. The timing couldn't have been worse as the US was in the depths of the 2007-08 financial crisis. In 2015, Harrah's filed for bankruptcy protection. Nevada Gaming Commission was reluctant to approve Apollo's purchase of LVS. Apollo won the approval. It will be a challenge to get a billion-dollar loan and a fast-approaching Macau license renewal deadline.
