Macau’s Gambling Woes are a Win for Wynn
Despite the highly publicized corruption crackdown that has left the gambling hub of Macau nearly in tatters, one casino group operating there will benefit to the tune of $511 million.
That is the amount the Chinese subsidiary of Wynn Resorts Ltd. plans to issue in the form of a special stock dividend this month, according to Howard Stutz of the Las Vegas Review Journal.
Wynn Macau Ltd., owned 72.3 percent by Wynn Macau, also said it would pay a dividend of 14 cents per share (in U.S. dollars), or $706 million, to stockholders on March 31.
Stutz notes that Wynn is expected to pay out more than $1.18 billion to shareholders for 2014, an increase of 18 percent over a year ago.
“We have always viewed the year-end dividend as special in that the level of the dividend has variability based on operating results for the preceding calendar year,” Santarelli told investors. “One of the primary reasons for the dividend from the Hong Kong listing is the tax efficiency of the capital return to the parent.”
- Aaron Goldstein, Gambling911.com
