American casino operator Wynn Resorts Limited has reportedly announced that escalating tensions between the United States and China could be hindering its attempt at securing an undisclosed amount of new financing.
According to a report from CDC Gaming Reports, the Las Vegas-headquartered firm used an official filing to declare that the ongoing trade war between the two global superpowers has led to ‘contentious punitive or retaliatory measures being imposed on businesses and individuals’ and may also be hampering its efforts to recover from the coronavirus-induced global economic downturn.
International interests:
CDC Gaming Reported detailed that Wynn Resorts Limited is responsible for the 1,000-room Wynn Macau as well as the even grander Wynn Palace Cotai developments through its majority-owned Wynn Macau Limited subsidiary. The source explained that both of these Macau facilities were temporarily shuttered in early-February and have since been struggling to reenergize their business owing to a range of coronavirus-related travel restrictions that have pushed tourist numbers for the former Portuguese enclave down to near record lows.
Wider consequences:
Wynn Resorts Limited reportedly stated that the deteriorating relationship between the United States and China has distorted the global macroeconomic environment to extend the coronavirus-provoked economic downturn and may eventually lead to ‘a potential global recession’. The Nevada firm purportedly moreover warned that the spat that began over trade policies has now extended into ‘national security and national and regional politics’ and even led to the administration President Donald Trump banning the use of the WeChat social media and messaging app, which is used by a large proportion of its customers in Macau.
Reportedly read the filing from Wynn Resorts Limited…
“We are unable to ascertain the scope of the ban at this point and there is no assurance that the ban will not adversely affect our ability to communicate with certain of our customers. Sustained tensions between the United States and China could significantly undermine the stability of the global economy in general and the Chinese economy in particular.”
Significant slump:
CDC Gaming Reports additionally revealed that Macau’s aggregated gaming revenues for July declined by 94.5% year-on-year to just $168 million after plummeting by an even steeper 97% in June to a mere $89.6 million. The casino-friendly enclave has purportedly seen such combined earnings for the seven months since the start of January drop by a massive 79.8% to stand at roughly $4.4 billion with many industry analysts now not expecting any significant recovery to begin before the start of 2021.
Wynn Resorts Limited’s filing reportedly read…
“Our financial results have been, and are expected to continue to be, affected by the economy in China. Any severe or prolonged slowdown in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition.”
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