{"id":274619,"date":"2023-05-23T16:22:54","date_gmt":"2023-05-23T21:22:54","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=274619"},"modified":"2023-05-25T05:57:35","modified_gmt":"2023-05-25T10:57:35","slug":"us-macau-operators-dont-need-to-soon-resume-dividends","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/","title":{"rendered":"Sands China, Wynn Macau Not Pressured to Resume Dividends"},"content":{"rendered":"

The three Macau concessionaires controlled by US-based casino operators aren’t under pressure to resume dividend payments to their parent companies over the near term, according to a major global ratings agency.<\/p>\n

\"Las
The Venetian Macau. US-based Macau operators don’t need to resume dividends anytime soon, says S&P. (Image: Bobby Yip\/Reuters<\/em>)<\/figcaption><\/figure>\n

S&P Global Ratings director of corporate ratings Melissa Long and Associate Director of Corporate Ratings Aras Poon conducted a webinar Tuesday in which they said MGM China, Sands China, and Wynn Macau don\u2019t need to imminently restart dividends to their Las Vegas-based parent companies. Those are Las Vegas Sands (NYSE: LVS),<\/a> MGM Resorts International (NYSE: MGM), and Wynn Resorts (NASDAQ: WYNN).<\/p>\n

We don\u2019t really see any pressure or need to upstream dividends from Macau to [the US] parent companies,\u201d<\/strong> observed Long. \u201cIn fact, we\u2019ve made some assumptions around potential future dividend resuming in 2024, assuming cash flow recovers in line with our base case forecasts. But that\u2019s an assumption that we\u2019re making and none of the operators have spoken about resuming dividends \u2026 from Macau.\u201d<\/strong><\/p><\/blockquote>\n

The commentary from the S&P analysts arrived as their counterparts at JPMorgan forecast that Macau casino operators will likely generate at least $2 billion in gross gaming revenue (GGR) this month. That tops the totals posted in March and April, while pacing for a new post-pandemic high.<\/p>\n

US Macau Parents Don\u2019t Need Dividends<\/h2>\n

Prior to the coronavirus pandemic, MGM China, Sands China, and Wynn Macau paid dividends to their US-based parents, delivering an important, steady source of cash to the majority owners.<\/p>\n

\n

Those payouts were scrapped to conserve cash amid the global health crisis. Today, Macau operators are focusing on generating cash flow and rehabilitating balance sheets,<\/a> as the special administrative region\u2019s (SAR) gaming industry rebounds from a multiyear slump.<\/p>\n<\/div>\n

Specific to MGM, Sands, and Wynn, the good news is that none of those operators is in dire need of cash from their Macau subsidiaries. Buoyed by strength at their Las Vegas Strip venues, MGM and Wynn<\/a> are generating cash, while Marina Bay Sands in Singapore is supporting Sands\u2019 firming balance sheet. S&P\u2019s long also highlighted the operators\u2019 various domestic and international expansion opportunities as potential long-term drivers.<\/p>\n

\u201cSands with New York and Singapore; MGM with Japan and New York; and Wynn, in addition to the New York casino possibility \u2026\u00a0 got an expansion in Boston [Massachusetts] and is pursuing an integrated resort development in the UAE,\u201d said the analyst.<\/p>\n

US Dividend Outlook Still Not Great<\/h2>\n

Among the aforementioned trio, Wynn is the only dividend payer of note, having announced earlier this month it will soon restart its quarterly payout at 25 cents a share.<\/p>\n

MGM pays a meager annual dividend of just one penny per share following a pandemic-induced cut in 2020. The operator has been a significant buyer of its owner stock over the past couple of years.<\/strong><\/p>\n

That leaves Las Vegas Sands. Once the dividend darling of the gaming industry, its payout was suspended in 2020. Following a recently amended agreement with creditors, it’s unlikely LVS<\/a> will restart its dividend prior to 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"

The three Macau concessionaires controlled by US-based casino operators aren’t under pressure to resume dividend payments to their parent companies over the near term, according to a major global ratings agency. S&P Global Ratings director of corporate ratings Melissa Long and Associate Director of Corporate Ratings Aras Poon conducted a webinar Tuesday in which they […]<\/p>\n","protected":false},"author":46,"featured_media":219443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903],"acf":[],"yoast_head":"\nUS Macau Operators Don't Need to Soon Resume Dividends<\/title>\n<meta name=\"description\" content=\"MGM China, Sands China, Wynn Macau not under near-term pressure to restart dividends.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Macau Operators Don't Need to Soon Resume Dividends\" \/>\n<meta property=\"og:description\" content=\"MGM China, Sands China, Wynn Macau not under near-term pressure to restart dividends.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-23T21:22:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-25T10:57:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/\",\"url\":\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/\",\"name\":\"US Macau Operators Don't Need to Soon Resume Dividends\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\",\"datePublished\":\"2023-05-23T21:22:54+00:00\",\"dateModified\":\"2023-05-25T10:57:35+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"MGM China, Sands China, Wynn Macau not under near-term pressure to restart dividends.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/us-macau-operators-dont-need-to-soon-resume-dividends\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/VM-1-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"The Venetian Macau. 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