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Wynn Resorts Gets $1.5 Billion Credit Line With Macau Pressured

  • Funds to be used to refinance Wynn Macau debt, company says
  • China is tightening its grip on world’s biggest gambling hub
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WATCH: Macquarie’s Beynon says the message the Chinese government is sending is not clear when it comes to casino regulation.(Source: Bloomberg)

Wynn Resorts Ltd. obtained a $1.5 billion credit line from Bank of China Ltd., with casino stocks under pressure amid concerns over increased government oversight in Macau and the outlook for the world’s biggest gambling hub.

The agreement also allows Wynn to borrow an additional $1 billion under certain conditions, according to a filing. Wynn said the funds will be used to refinance debt at Wynn Macau and its subsidiaries, as well as to pay for “ongoing working capital needs and for general corporate purposes.”