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Wynn secures $ 1.5 billion Bank of China line of credit

Wynn Resorts has entered a agreement with the Bank of China to secure a $ 1.5 billion line of credit.

Recent reports have suggested that Wynn plans to spend $ 100 million to market his sports betting app WynnBet during this year’s football season. Wynn also before announcement its online games division, Wynn Interactive, go public via a SPAC merger with Austerlitz Acquisition Corporation in May.

But across the world, Wynn is on the list of casinos actions currently under pressure due to increased government scrutiny in Macau, a special administrative region of China and the world’s largest gaming hub.

  • Actions by casino operators in Macau – the only place in China where gambling is legal – lost about $ 18.4 billion Wednesday, according to Reuters.
  • Officials in the region have announced that a 45-day public comment period will begin on September 15, during which the number of licenses, the length of licenses and the level of government oversight will be discussed.
  • Macau more than double the number of inspectors earlier this year.

Wynn will also be able to borrow an additional $ 1 billion if it meets certain criteria, according to a file. Its stock fell as much as 34% to a record low on Wednesday after the consultation period was announced.

Shares of Sands China, Peers MGM China, Galaxy Entertainment, SJM and Melco Entertainment also fell on Wednesday. American casino companies have also fallen, lose up to $ 4 billion in market capitalization.