The Macau-based resort developer and operator Sands China Ltd. has declared that it will restructure the share capital of Venetian Macau Ltd. (VML), which retains its Macau gaming license in compliance with the new Macau gaming law. The reorganization of VML's share capital will get the business ready for a new gaming license that will last for ten years.
The Macau gaming law has recently changed, requiring gaming concessions to have a minimum share capital of MOP$5 billion ($630 million). The managing director of a gaming business must also be a Macau permanent resident and own at least 15% of the company's share capital, which must be valued at least MOP$5 billion ($630 million).
According to a filing with the Hong Kong Stock Exchange, VML has a MOP$200 million ($24.9 million) registered share capital. Venetian Venture Development Intermediate Limited (VVDIL) owns 89.995% of the aforementioned capital, and Venetian Concession Holding Limited (VCHL) owns 0.005%. The group is the sole owner of VCHL and VVDIL. Dave Sun Min Qi, senior vice president and chief financial officer of Sands China and nominal managing director of VML, owns the remaining 10% of VML's equity.
The Stock Exchange of Hong Kong-listed Sands China Ltd announced that it would raise the share capital of VML from MOP$200 million ($24.9 million) to MOP$5 billion ($630 million). To VML's shareholders, VVDIL and VCHL, the firm will allot 40,700,000 Class A shares at a subscription price of MOP$4.07 billion. Additionally, Sands China would give Sun a total of 7,300,000 Class B shares for a MOP$730 million subscription.
Following the investment of the aforementioned capital, Dave Sun Min Qi will hold all Class B shares, which represent 15% of VML's voting rights and minimum economic rights in the concession-holding company, while the company will indirectly hold all Class A shares, which represent 85% of VML's voting rights and 100% of its economic rights.
As part of the city's public tender to award new casino licenses, Sands China is one of the six present firms that have been given a temporary 10-year gaming concession beginning on January 1, 2023.
In order to comply with the new concession criteria, other Macau-based casino operators, notably SJM Holdings Ltd and MGM China Holdings Ltd, have already announced similar reorganizations. Wynn Macau Ltd. said that it will take comparable actions to ensure its compliance with the new Macau legislation before Sands China's announcement.
By fLEXI tEAM
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