Inside Asian Gaming

IAG JUL 2022年7月 亞博匯 14 WYNN MACAU LOAN FACILITY SHOWS MACAU OPERATORS STRUGGLING TO BORROW FROM BANKS: MORGAN STANLEY 摩根士丹利：永利澳門的新貸款安 排表明澳營運商難以從銀行獲取貸款 NEWS THAT WYNN MACAU LTD has been provided a US$500 million revolving loan facility by its US-based parent company Wynn Resorts could imply that Macau’s operators are now having trouble borrowing from banks, according to Morgan Stanley analysts. The loan facility, announced by Wynn Macau on 14 June, is to be used by the company for working capital at a time when Macau’s concessionaires are said to be losing a combined US$800 million per quarter. In a note, Morgan Stanley’s Praveen Choudhary, Gareth Leung and Thomas Allen said the move signals “worsening liquidity of the Macau gaming segment” and “could imply operators having difficulties to borrow from banks,” with others likely to follow a similar path. “Bond yields for Wynn Macau are 12%,” the analysts explained. “Bond yields for most other Macau operators are also at [more than] 10%, making bond financing expensive. “We expect Sands China and SJM could announce similar arrangements, unless SJM could complete refinancing soon.” While concessionaires have already endured a torrid two years since the initial COVID-19 outbreak in early 2020, Morgan Stanley also warns that worse is to come with 2Q22 expected to see GGR fall even further than Q1. “We expect 2Q Macau GGR at US$1.1 billion (-49% quarter-on- quarter and just 12% of 2Q19), the third-worst quarter since 2020,” they wrote. 摩根士丹利分析師 認為，永利澳門有限公司已獲 得其美國母公司永利渡假村提供的5億美元循環貸 款融通，或意味著澳門的運營商現在難以從銀行借 款。 永利澳門週二宣佈的這筆貸款融通將被該公司 用作營運資金。有消息稱澳門承批公司每季度虧損 總計8億美元。 摩根士丹利的Praveen Choudhary、Gareth Leung和Thomas Allen在一份報告中表示，此舉表 明「澳門博彩業的流動性正在惡化」、「或意味著 運營商難以從銀行貸款」，而其他公司可能採取類 似方式。 分析師解釋：「永利澳門的債券收益率為12% 。大多數其他澳門運營商的債券收益率也在10%以 上，這使得債券融資成本高昂。」 「我們預計，金沙中國和澳娛綜合會很快宣佈 類似的安排，除非澳娛綜合能很快完成再融資。」 自2020年初首次爆發新冠疫情以來，承批公 司已經歷兩年的艱難時期。但摩根士丹利警告，更 糟糕的是，預計2022年第二季度的博彩總收入降幅 將超過第一季度。 他們表示：「我們預計第二季度澳門博彩總收 入為11億美元（環比下降49%，僅為2019年第二季 度的12%），是自2020年以來第三個最差季度。」