{"id":5217,"date":"2020-06-16T08:35:00","date_gmt":"2020-06-16T08:35:00","guid":{"rendered":"https:\/\/www.casinosrealmoney.com\/news\/?p=5217"},"modified":"2020-06-16T08:35:00","modified_gmt":"2020-06-16T08:35:00","slug":"gaming-brands-seek-financial-support-amid-crisis","status":"publish","type":"post","link":"https:\/\/www.casinosrealmoney.com\/news\/gaming-brands-seek-financial-support-amid-crisis\/","title":{"rendered":"Gaming Brands Seek Financial Support Amid Crisis"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Ever since the ongoing coronavirus pandemic hit the planet, a lot of things have declined. The global gambling industry was <a href=\"https:\/\/www.casinosrealmoney.com\/news\/casino-industry-takes-a-hit-amid-coronavirus-pandemic\/\">one of the biggest casualties<\/a> \u2013 many gaming brands have been on a tight spot and things do not seem to be getting any better for quite a number of the renowned global gambling brands. In the United States, several companies have asked for bailouts citing difficulties caused by the pandemic. This, as expected, extends all the way to business in other countries across the globe.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"mgm-china-holdings-proposes-500-million\">MGM China Holdings Proposes $500 Million<\/h2>\n\n\n\n<p>As part of the efforts to boost its liquidity, world-renowned operator Macau China Holdings Limited is proposing to issue up to $500 million in senior notes. These senior notes are due in June 2025 and will be accompanied by an interest rate of 5.25 percent. The company is projecting that the net proceeds from the note offering could be as high as $493 million.<\/p>\n\n\n\n<p>According to Moody&#8217;s Investors Services, the additional liquidity that MGM China will receive from the offering will play a huge role in improving the <strong>&#8220;flexibility to manage in the current weak operating environment including reduced visitation levels.&#8221;<\/strong> However, it is also worth noting that, &#8220;the incremental debt is a credit negative increase in leverage to help further cover the company\u2019s current cash burn.&#8221;<\/p>\n\n\n\n<p>Due to the pandemic, MGM China Holdings reveals that it generated operating revenues of approximately $15.8 million in April which is <a href=\"https:\/\/www.macaubusiness.com\/mgm-chinas-expenses-in-april-more-than-double-operating-revenues\/\" target=\"_blank\" rel=\"noreferrer noopener\">significantly lower than its operating expenses<\/a> which were in excess of $40 million. Naturally, the only logical way forward was to try and find a way out of the fix and the senior notes offering seemed to be the best option at the moment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" class=\"wp-block-heading\" id=\"wynn-macau-hopes-to-raise-743-million-through-notes-offering\">Wynn Macau Hopes to Raise $743 Million Through Notes Offering<\/h2>\n\n\n\n<p>Also struggling to stay afloat amid the global economic crisis is Wynn Macau. The company has recently entered into <a href=\"https:\/\/www.globalcapital.com\/article\/b1m2flwb6r5tb1\/wynn-macau-sells-$750m-bond-at-initial-guidance\" target=\"_blank\" rel=\"noreferrer noopener\">a purchase agreement<\/a> with the Singapore Branch of Deutsche Bank AG to issue a whopping $750 million in senior notes. These will be due in 2026 at an interest rate of 5. Percent.<\/p>\n\n\n\n<p>Speaking in the move, a spokesperson from Wynn Macau confirmed that the funds will be channeled towards &#8220;<strong>general corporate purposes until business recovers from the effects of the COVID-19 pandemic, and then to facilitate the repayment of a portion of the amounts outstanding under the Wynn Macau Credit Facilities.&#8221;<\/strong><\/p>\n\n\n\n<p>Moody\u2019s Investors Service Inc. also spoke on the move pointing out the decision could potentially help the casino operator achieve a buffer of at least two years on cash burn. That is great news especially considering all the uncertainty that surrounds the ongoing pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ever since the ongoing coronavirus pandemic hit the planet, a lot of things have declined. The global gambling industry was one of the biggest casualties \u2013 many gaming brands have been on a tight spot and things do not seem to be getting any better for quite a number of the renowned global gambling brands. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[480,513,514,515,516],"class_list":["post-5217","post","type-post","status-publish","format-standard","hentry","category-business","tag-covid-19","tag-mgm-china","tag-pandemic","tag-senior-notes","tag-wynn-macau"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gaming Brands Seek Financial Support Amid Crisis - Casinos Real Money News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinosrealmoney.com\/news\/gaming-brands-seek-financial-support-amid-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gaming Brands Seek Financial Support Amid Crisis - Casinos Real Money News\" \/>\n<meta property=\"og:description\" content=\"Ever since the ongoing coronavirus pandemic hit the planet, a lot of things have declined. The global gambling industry was one of the biggest casualties \u2013 many gaming brands have been on a tight spot and things do not seem to be getting any better for quite a number of the renowned global gambling brands. 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