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Wynn to Build US$4 bln Resort in Macau

News Steve Wynn, a famous American casino magnate, announced the building of a large resort in Macau, the cost of which is US$4 billion. Wynn Macau will be built in the former Portuguese enclave and will become, according to Steve Wynn, one of the largest gambling destinations in the world.

Currently many companies are worried about the slowdown of Chinese economy and drop of demand for luxury products and services. Wynn doesn’t share this fear and is sure that his new resort will be a good investment with stable returns despite the economic climate.

Macau is the city located on the tip of the southern coast of China. As this is the only city in China where gambling is legal, it attracts many visitors from the mainland. Casinos in Macau rake approximately 5 times more revenue comparing to Las Vegas casinos. However, the period of great revenues and fast expansion is over. In May 2012 the growth of gambling revenue estimated just 7.3%.

Wynn will mostly target its resort for VIP visitors. The company has already chosen a 20-hectare plot of land and currently waits for government to approve its plan. The resort will feature hotels, over 120,000 sq. ft. of retail space, up to 10 restaurants, a nightclub, ballrooms and theatres. The gambling area will have approximately 500 tables with different games.


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