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APAC Chart of the Week: Big Four Macau casino operators’ borrowings exceed 2019 levels boosted by bond issues since June

APAC Chart of the Week: 22nd July

Borrowings by the Macau entities of the big four casino operators -- Las Vegas Sands, Melco Resorts & Entertainment, MGM Resorts, and Wynn Resorts -- so far this year have already exceeded the entire 2019’s levels, boosted by bond issues since early June amid a gradual market recovery.

These Macau gaming operators have borrowed a combined USD 6.47bn YTD in bonds and loans, up 2% from the volumes recorded by them for the whole of 2019. Also, this year is the first time since 2015 that all the four companies have raised debt in a calendar year.

The casino operators started tapping the bond market from 2 June this year and so far, USD 4.25bn in the aggregated principal of notes have been printed across five transactions.

Macau in June suffered its largest monthly YoY fall in gaming revenue since January amid the COVID-19 crisis, with the numbers for the month declining 97% YoY, according to the Gaming Inspection and Coordination Bureau data.

Jason Huang-Jones APAC Data Manager Debtwire
Jason Huang-Jones APAC Data Manager Debtwire

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