Zitong Financial App NewsWynn Macau (01128.HK) $According to the announcement, on June 23, 2022, the Macao government and WRM have signed an extension agreement, and the grant of WRM betting has been extended to December 31, 2022.

According to the grant extension agreement, the original expiration date of the WRM betting grant will be extended from June 26, 2022 to December 31, 2022.

WRM shall pay 47 million patacas (equivalent to approximately HK $45.6 million) to the Macau government at the time of signing the extension agreement as a premium for the extension of the contract. The amount of the contract premium is expected to be disbursed from within the Group.

WRM shall provide an independent bank guarantee of not less than 1.21 billion patacas (equivalent to approximately HK $1.1748 billion) in favour of the Macau government to ensure the performance of its labor obligations after the expiration of the grant extension agreement. The Macao government may request an increase in the above guarantee amount in the light of the actual number of employees employed by WRM.

WRM will arrange for a Macau independent bank to issue the above bank guarantee as soon as practicable and submit the bank guarantee to the Macau government within three months from the date of granting the extension agreement.

The grant extension agreement stipulates that the Group's Macau gaming business can continue until December 31, 2022. The board of directors considers that the terms of the extension agreement are fair and reasonable and are in the interests of the company and shareholders as a whole. The Board also considers that the conclusion of the grant extension agreement and the undertaking is a significant development for the Group because the grant extension agreement and the undertaking ensure that the existing grant will continue to be valid for the Macau Government to conduct an open tender for the award of new betting awards, and the Group plans to participate in the open tender.