Macau gaming operator Wynn Macau announced that its board has approved amendments to the company’s existing dividend policy, effective immediately.
As outlined in a filing submitted to the Hong Kong Stock Exchange on Thursday, the board will convene semi-annually to deliberate on the declaration of dividends.
Additionally, the company’s board is authorized to convene at any point during the year, as deemed necessary, to discuss the declaration of special dividends, as stated by Wynn Macau. The company clarified its lack of adherence to any pre-established dividend payout ratio.
Wynn Macau, operating both the Wynn Palace resort on Cotai and the Wynn Macau resort on the city’s peninsula, is a subsidiary of the US-based casino developer Wynn Resorts Ltd. In the first quarter, the company reported adjusted EBITDAR of just under $339.6 million, marking a 14.3 percent increase sequentially and a significant 118 percent rise from the same period last year.
In the current year, Wynn Macau resumed dividend payments, announcing a 2023 final dividend of HK$0.075 ($0.01) per share in March, payable on June 19th.
Additionally, in a separate filing, it was announced that Wynn Macau re-elected CEO Craig Billings and President Linda Chen as executive directors, among other resolutions.
Billings, who also serves as CEO of parent company Wynn Resorts, received 98.08 percent of votes in favor of his re-election, while Chen received 98.36 percent and retains her position as Vice Chairman.
Furthermore, Jeffrey Lam Kin Fung and Julie Cameron were re-elected as non-executive directors, with Cameron serving as Wynn Resorts’ Chief Financial Officer.
