American casino magnate Steve Wynn stated at a press conference at his Macau casino today that Wynn Macau Ltd’s latest casino resort in Cotai would cost $4 billion.
Despite the economic downturn, the chairman and CEO of Wynn Resorts Ltd and Wynn Macau was confident the new casino resort world provide a return on investment.
Macau takes in over five times more gambling revenue than Las Vegas, partly attributed to Chinese mainland gamblers visiting the only Chinese city where they can gamble at casinos legally.
Wynn and competitors such as Sheldon Adelson’s Las Vegas Sands and MGM Resorts have been scrambling to expand operations in Macau despite economic uncertainty due to limited space remaining for development in the former Portuguese enclave.
The company received government approval to proceed with plans to develop its 51-acre (20-hectare) site located in Cotai, putting it ahead of rivals including MGM and Stanley Ho’s SJM Holdings, which are still awaiting government approval for their proposed casino resorts.
Wynn Macau’s new casino resort will include 120,000 square feet of retail space, approximately 500 gaming tables, up to 10 restaurants, theatres, ballrooms and a nightclub.
It is scheduled to open in 2016.View Comments