Concessionaires have to notify Chief Executive Ho Iat-Seng of plans to pay dividends under Macau’s new gaming law.
And according to Credit Suisse analysts, both Sands China and Wynn Macau will be most affected by the new requirement.
The final draft of Macau’s amended gaming law, which could be approved as soon as next week, includes a provision requiring the six concessionaires to notify Ho of any major financial moves that exceed a certain percentage of operators’ equity, including possible cash distributions to shareholders.
Even though the regulation only requires a notification to the Macau Chief Executive, investors would be concerned about whether it could imply an implicit control over future dividend payments would remain.
Based on payout histories, the analysts estimate that Sands China and Wynn Macau would reside at the higher end of the spectrum regarding payout ratio or a percentage of earnings distributed as dividends.
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