Wynn Macau Ltd – the casino operator behind the luxury resort and casino Wynn Macau – has announced it has signed a land deal with the Macau government to build a second casino-resort in Macau.
Wynn Macau said it signed the land concession contract last Friday for 20.64 hectares of reclaimed swampland in Macau’s Cotai district in order to build a resort with a hotel, casino, shopping, restaurants, entertainment, spa and convention space.
The casino operator opened its first casino in Macau – one of the world’s biggest and fastest-growing gambling markets – in September 2006.
According to the Associated Press, Wynn Macau will pay more than $US193 million in land premiums – split into a down payment and eight half-yearly payments – to the Macau government for the 25-year land lease.
It will also pay $US771,738 a year in rent during the resort’s development phase. Upon completion of the project, the annual rent will go up to about $US1.08 million.
Once the Macau government publishes the land contract in its official gazette, Wynn Macau will have 60 months to complete the project.
Wynn Macau is controlled by US billionaire Steve Wynn, who is the 512th richest man in the world with a net worth of $2.3 billion, according to Forbes.
Macau’s gambling revenue hit a massive $US23.5 billion last year. In August, gambling revenue surged 57 per cent over the previous year.
Wynn has said he wants the casino to be open by 2015 and the development could cost up to $US2.5 billion. He also said the resort will include 1,500 to 1,600 hotel rooms, around 500 table games and 1,300 slot machines, and 12 acres worth of extra room for further expansion.
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