Wynn Macau Ltd Establishes Wynn Care Foundation
The carter said Wynn Resorts SA, the Wynn Macau’s unit that holds its gaming rights, officially established the Wynn Care Foundation. Macau formally recognized the new foundation in July. Macau’s Official Gazette noted that Galaxy Entertainment Group Ltd was the first casino operator to establish a similar foundation in 2014.
The publication also said other operators, such as Sands China Ltd or SJM Holdings Ltd, were indirectly linked to charitable organizations established by their founders.
The operators of casinos in the city initiated programs that exercise their corporate responsibility initiatives.
Wynn Care Foundation
The foundation’s charter said they aim to promote prosperous and harmonious development in the city. The new foundation will fund education projects for the youth and provide support to small and medium businesses and young entrepreneurs. The company aims to promote volunteerism, charitable and community activities, environment protection and sustainable development, sports, leisure, and culture.
The company will spend $1.25 million worth of donation as initial funding for the foundation.
Linda Chen Chih Ling, Wynn Macau Ltd’s vice chairman and chief operating officer, will serve as the charity’s president.
The operator has started activities under the “Wynn Care” brand. The company recently revealed that they had accumulated $13 million worth of donations to charity in 2018, and they have pledged support to the University of Macau Development Foundation in 2011.
The people of Macau and the government urged the casinos to exercise their corporate social responsibilities when the novel coronavirus infected the city. Legislators pushed to impose new social commitments into the contracts of the casinos as their contract ends in 2022.
Casinos struck by massive losses, saw hope as travel visas resume
The Casino industry in Macau suffered massive losses during the pandemic. The casinos have shut down for 15 days since March 20 because of the government’s lockdowns. The casinos reopened operations but continued facing losses because of the limited number of tourists visiting the city. Travel restrictions to the island were imposed by the Chinese government and its other neighboring nations.
The Guangdong province lifted travel restrictions to the special administrative zone, but the casinos’ revenue remained low. The rapid increase of new novel coronavirus cases worldwide caused China to reinstate restrictions in July, causing the additional problem to the gambling industry.
Hopes were high this week when the Chinese government resumed tourist visas to Macau. The individual tourist scheme was continued allowing people from Zhuhai to visit the gambling mecca.
Ninety percent of visitors to the city came from mainland China. The industry is hopeful that the resume of the tourist visas could boost the revenue of the casinos. Macau is the online territory in China allowed to host gambling, and the economy of the city relies on its gambling industry.
Stocks of casinos on the island rallied after news of the resume of the visas broke out.
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