Wynn set to build 2nd resort
Source: Agencies |
June 6, 2012, Wednesday
|
Print Edition
Print Edition
US casino magnate Steve Wynn plans to spend US$4 billion building his long-awaited second Macau resort, brushing off concerns the global economic malaise and China's slowdown will dent profits in the world's most lucrative gambling market.
The project, which got government approval in early May, will house 2,000 hotel rooms, 500 gaming tables, 10 restaurants, shops, spa, meeting rooms and a nightclub.
Visitors will be able to ride air-conditioned Austrian-built gondolas complete with piped-in music around a 3.2-hectare lagoon out front.
The 557,000-square-meter development will be built on 126 hectares of reclaimed land and will take up to four years to complete. It will be financed by cash and debt.
Wynn yesterday said he shared concerns about the state of the world economy, saying the European crisis was "totally unpredictable" while the US economy was "spotty and irregular."
"The world is an unsettled place," Wynn said. "China happens to be one of the more stable stories at the moment but even here in China there are questions about a slowdown and change."
"We don't see it here yet," Wynn said. "Macau is sort of special in that regard."
Wynn said it was unrealistic for Macau's "spectacular" casino revenue growth rates to continue. But even if the growth rate falls in the Asian gambling hub, he said Macau would still be a "wonderful" place to do business.
The city's gaming revenue rose 42 percent last year to US$33.5 billion.
The project, which got government approval in early May, will house 2,000 hotel rooms, 500 gaming tables, 10 restaurants, shops, spa, meeting rooms and a nightclub.
Visitors will be able to ride air-conditioned Austrian-built gondolas complete with piped-in music around a 3.2-hectare lagoon out front.
The 557,000-square-meter development will be built on 126 hectares of reclaimed land and will take up to four years to complete. It will be financed by cash and debt.
Wynn yesterday said he shared concerns about the state of the world economy, saying the European crisis was "totally unpredictable" while the US economy was "spotty and irregular."
"The world is an unsettled place," Wynn said. "China happens to be one of the more stable stories at the moment but even here in China there are questions about a slowdown and change."
"We don't see it here yet," Wynn said. "Macau is sort of special in that regard."
Wynn said it was unrealistic for Macau's "spectacular" casino revenue growth rates to continue. But even if the growth rate falls in the Asian gambling hub, he said Macau would still be a "wonderful" place to do business.
The city's gaming revenue rose 42 percent last year to US$33.5 billion.
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