Wynn Rolls the Dice on This New Venture
Wynn Resorts Ltd’s (NASDAQ:WYNN) Chinese unit, Wynn Macau Ltd, was awarded formal government approval for a land transfer of 51 acres in the Cotai district of Macau, clearing the way for Wynn to begin construction on a new casino in the world’s hottest destination for gambling.
The Cotai development is the “single most important project” in his company’s history, said Steve Wynn, billionaire founder, chairman, and CEO of Wynn Resorts.
Though no further details were made available by the company, a look at its 2011 annual report reveals that there are plans to construct a casino resort at Cotai comprising 2000 hotel rooms and facilities for shopping, entertainment, conventions, and restaurants.
This would be Wynn’s first resort in Cotai and its second in Macau. The Wynn Macau casino resort and its Encore extension, located on peninsular Macau, boast 1,008 hotel rooms, 490 gaming tables, over 900 slot machines, and 11 poker tables. In terms of revenue, Wynn is the third-largest casino company in theworld. It earns more than 70 percent of its revenues from Macau.
Casinos at Cotai are expected to attract a growing number of middle-class Chinese visitors drawn by the other entertainment attractions made available at the resorts and not necessarily only gambling.