Good morning. When a loan is dubbed the ‘largest hospitality financing transaction’ in the UAE, you know it’s big. But nothing less was to be expected from Wynn Resorts, who now says its financing is complete to finish Wynn Al Marjan Island and open it in 2027, after nailing down $2.4 billion from a group of lenders. Meanwhile, in Macau, expectations are still high for FY25 GGR, despite a slow CNY. Analysts at Seaport say that if China can improve its economy and boost consumer sentiment, Macau can stand to further benefit. However, experts are pointing out that the lackluster CNY results could be the result of a pivot away from its main market, urging operators to refocus on its mainland China clientele.
What you need to know
- Wynn Resorts completes financing for Wynn Al Marjan Island by securing $2.4 billion loan, largest in UAE hospitality history.
- Seaport maintains Macau FY25 GGR growth estimates, with potential upside if Chinese economy and consumer sentiment improve.
- Macau should refocus on its core tourism base, after Chinese New Year results fail to meet expectations, say experts.
On the radar
- PAGCOR breaks ground on new corporate office building in Pasay City.
- Three arrested in illegal gambling live-stream at Macau VIP rooms.
- AGEM Index grew by 4.2% m-o-m in January, up nearly 40% yearly.
- Leaders of China and Thailand pledge to strengthen cybercrime prevention.
- Entain Australia disbanding Ladbrokes Racing Club, citing costs.
- Kangwon Land debuts pilot foreigner-only casino zone: report.
- Two pose as PAOCC agents to solicit bribes from POGO family members.
- Macau’s GGR unlikely to return to pre-COVID levels: Ponte 16 boss.
AGB Intelligence
UAE
Wynn secures $2.4B loan to complete Wynn Al Marjan Island
Dubbed by the company as ‘the largest hospitality financing transaction in the history of the United Arab Emirates’, Wynn Resorts has secured the financing necessary to complete its Wynn Al Marjan Island project. Still slated to open in 2027, the new $2.4 billion loan to a subsidiary of the group’s joint venture paves the way for the UAE’s first integrated resort.
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