MACAU BUSINESS
Wynn Macau closes senior ln net proceeds
G Chan as Macau Legend CEO Lev evo Chan re L han as Macau Legend CEO replaces
evo Chan Weng Lin officially replaced Melinda Chan Mei Yi as Macau Legend Development’s CEO from December 29, a company filing at the Hong Kong Stock Exchange revealed. ‘Following the change in the chief
executive officer of the Company, Mr. Chan will take care of the day-to-day management of the group’s business and implement the Group’s policies, strategic plans and business goals formulated by the Board,’ the company stated. Melinda Chan remains as Executive Director with Levo Chan – who is also the Executive Director of junket group Tak Chun – also holding positions as Executive Director and the co-chairman of the board in the gaming company.
20 FEBRUARY 2021 es Melinda
Back in September Macau Legend Development had indicated in a statement sent to Macau News Agency that despite the recent shareholding changes, founder David Chow Kam Fai and Melinda Chan would maintain their management positions in the gaming services company, with the biggest change involving Melinda’s CEO position. Melinda had held the company’s CEO position since
March of this year after David Chow stepped down. Macau Legend now noted that although Levo Chan
is now both CEO and co-chairmen he will share management powers with founder, David Chow Kam Fai, who will also exercise his power and authorities as a co-chairman in managing the affairs of the board and the company.
aming operator Wynn Macau has closed the issuance of senior notes due 2028 which it estimated generated some US$765.9 million (MOP6.1 billion) in net proceeds. The group initiated the issuance of
US$750 million in senior notes due August 26, 2028 with a 5.625 per cent per annum interest rate and a 103 per cent offering price, to be consolidated and form a single series with the US$600 million 5.625 per cent senior notes due to the same time. The first interest payment due date is set for February
26, 2021. Wynn Macau intends to use the net proceeds from the offering to facilitate the repayment of a portion of the amounts outstanding under some US$2 billion Wynn Macau credit facilities. The group has so far issued almost US$4 billion in senior notes, due in different periods between 2024 and 2028, according to its latest financial report. The gaming operator reported US$280.6 million in net losses during the third quarter of this year, with operating revenues dropping by 89.2 per cent year-on- year to some US$474.3 million.
ynn Macau closes senior not s issuance with US$7otes issuance with US$766 mln net proceeds
Gaming legal expert António Lobo Vilela leaves
Gov’t advisor role Gaming legal expert António Lobo Vilela has left his functions as senior legal advisor to the Macau SAR Secretary for Economy and Finance from January 1, 2021, Macau News Agency has learned. The service termination was requested by Vilela himself, who has decided to leave the public sector after serving as legal advisor to the Secretary for Economy and Finance since 2016. “I have been presented with a number of
opportunities which are very interesting to me and which I would like to pursue,” Vilela told MNA. The veteran legal expert was also directly involved a senior legal advisor in the commission for the first public tender to grant casino concessions and the think-tank in charge of co-drafting the new gaming law that liberalised the local gaming market following the founding of the Macau SAR. Vilela recently published the ‘Macau Gaming Law:
Annotated with Comments’, a four-volume work detailing the two-decades-long development of the local gaming law.
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