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The Hong Kong-listed company’s move was revealed earlier today by the parent giant as part of an announcement that two other subordinates would launch a $600 million private equity offering.

Win Macao Limited is responsible for 1,000-room Win Macao and the grander Win Palace co-tie, and has been damaged as a direct result of the recent February 15 Macau casino closure. The company is also said to be struggling to reinvigorate its business after the coronavirus outbreak and a near-temporary ban on visitors entering former Portuguese residences from mainland China.

Las Vegas-based Wynn Resorts Limited reportedly detailed that it expects the Asian company to report first-quarter gross operating income of $912 million to $969 million, down sharply from about $1.64 billion it accumulated in the same period in 2019. The Nevada casino operator reportedly explained that Win Macao Limited also expects to earn adjusted real estate earnings before interest, tax, depreciation and amortization in a three-month cycle that may fall by 88% to a minimum of $58 million.

“During the closure, we generated approximately $2.5 million in cash operating expenses per day, excluding cash interest expenses of approximately $500,000 per day. Until such measures are lifted, we expect to continue generating such cash costs beyond what we are earning from our properties.”

But Wynn reportedly gave an optimistic outlook by announcing that Macau’s subordinate had about $800 million in cash and equivalents at the end of March and could still demand about $24 million from a revolving facility.

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