Wynn's bet on Macau strong
Source: Agencies |
May 3, 2012, Thursday
|
Print Edition
Print Edition
THE Chinese arm of Wynn Resorts Ltd said it received approval yesterday for a new casino in the Cotai district of Macau, the world's most lucrative gambling market.
Wynn Macau Ltd said the government of the city in south China published formal approval of a land transfer, paving the way for construction to begin on the 21-hectare site.
Steve Wynn, the founder, chairman and CEO of Wynn Resorts, said the development is the "single most important project" in his company's history.
The company gave no other details about the project's approval, which has been long awaited by investors.
In its 2011 annual report, Wynn Macau said it plans a casino-resort on Cotai with 2,000 hotel rooms and space for conventions, shops, entertainment and restaurants, pending government approval. The budget and completion date were still being worked out.
The report also said the company paid a 500 million pataca (US$62.6 million) deposit in December following its acceptance of a draft land contract. The company needs to make eight more semiannual payments of 130.9 million patacas, with the first due six months after the contract is published.
Wynn already operates another casino on peninsular Macau. The new resort would be its first in Cotai, an area of reclaimed swampland joining two islands that is the site of all the city's big new casino projects.
Wynn Macau Ltd said the government of the city in south China published formal approval of a land transfer, paving the way for construction to begin on the 21-hectare site.
Steve Wynn, the founder, chairman and CEO of Wynn Resorts, said the development is the "single most important project" in his company's history.
The company gave no other details about the project's approval, which has been long awaited by investors.
In its 2011 annual report, Wynn Macau said it plans a casino-resort on Cotai with 2,000 hotel rooms and space for conventions, shops, entertainment and restaurants, pending government approval. The budget and completion date were still being worked out.
The report also said the company paid a 500 million pataca (US$62.6 million) deposit in December following its acceptance of a draft land contract. The company needs to make eight more semiannual payments of 130.9 million patacas, with the first due six months after the contract is published.
Wynn already operates another casino on peninsular Macau. The new resort would be its first in Cotai, an area of reclaimed swampland joining two islands that is the site of all the city's big new casino projects.
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