Wynn Macau To Invest MOP 4.8 Billion In WRM After License Renewal
iBET ETF Insights: After the recent announcement that Wynn Macau’s gaming license will be reinstated, the operator has announced new plans for their casino. The official announcement shows that Wynn Macau will put forward MOP 4.8 billion (US $596.4 billion) into Wynn Resorts Macau (WRM) as well as implementing some new changes. A quote from the board of directors states they, “will conduct a capital restructuring, so that WRM’s registered capital can be increased from MOP 200.1 million to MOP 5 billion.” The plan involves a voting right increase for their Vice Chairman, COO, and Executive Director Linda Chen from 10% to 15% for Class B and Class C shares as well as 10% voting rights Class A shares. Chen has also been noted as the new official President of Wynn Macau, going into effect March 1, 2023.