Wynn Macau/Melco apply to extend concession contract to December, to pay $5.8m

Wynn Macau

Wynn Macau and Melco Resorts & Entertainment have confirmed they have submitted their request for an extension of their gaming concession contracts at a cost of MOP 47 million ($5.8 million), along with a bank guarantee to ensure payment obligations are fulfilled should they be unsuccessful in tendering for a new concession contract. 

The companies made the note in their annual reports. All six of the concessionaires have now put in their extension requests, which will see them operating under their current permits until the end of December.

The government announced last month that it would be permitting an extension of the concessions, which had been due to expire at the end of June. The delay allows more time for the re-tendering process to be finalized.

Wynn also said it continues to be uncertain about whether Covid-19 restrictions impacting its Macau operations will be lifted, and thus cannot reasonably estimate the impact to the group’s future results of operations, cash flows or financial condition.