Gaming concession extended to December 31, 2022
MACAU, June 23, 2022 /PRNewswire/ -- Wynn Resorts (Macau) S.A. (hereafter referred to as Wynn) is pleased to announce that it has entered into the Concession Extension Agreement with the Macau SAR Government, to extend the gaming concession of Wynn from June 26, 2022 to December 31, 2022.
Wynn would like to express its sincere gratitude to the Government for its guidance during the Concession Extension Agreement process. Wynn believes that this extension will enable it to make continued contributions to the future development of Macau and the local community. We look forward to the announcement of the requirements and details of the public tender process for the new gaming concessions and will liaise closely with the government to make thorough preparations for active participation in the bidding.
The approval of the Gaming Law Amendment Act has laid an essential long-term foundation to facilitate the orderly, healthy, and sustainable development of the industry. In addition to adhering to the relevant requirements of the Act, Wynn will continue to fulfil its social responsibilities and fully support the Government in promoting the moderate diversification of Macau's economic development, enhancing its competitiveness in integrated leisure and tourism, and further strengthening its profile among international tourists. Wynn will also actively cooperate with the Government to enrich the development of Macau as a world center of tourism and leisure.
In accordance with the terms of the Concession Extension Contract, Wynn has paid to the Macau SAR Government MOP47 million (equivalent to approximately HKD45.6 million) upon signing of the Concession Extension Agreement as contract premium for the extension. For further details of the extension, please see the announcement published on the website of the Hong Kong Stock Exchange at www.hkex.com.hk.
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