Steve Wynn opens 22nd Macau casino with investment of US$1.2 billion

6 September 2006

Macau, China, 06 Sept – From Wednesday Macau will have another casino, its 22nd, with the opening of the Wynn Macau casino/hotel which has 200 gaming tables and 600 rooms, a project which represented an investment of US$1.2 billion.

Speaking to the press Tuesday, Steve Wynn, president of Wynn Resorts guaranteed that the project would be “lucrative” from the day it opened and believed only “90 days” for revenues to overtake costs.

The majority of investment in the Wynn casino/hotel, or US$900 million, was amortized with sale of the sub-concession that the concession contract allowed it to the Melco consortium, owned by Laurence Ho, son of magnate Stanley Ho, and Australia’s PBL- Publishing and Broadcasting Limited.

Wynn also said that he would expand the usual kind of tourism in Macau, where this year around 21 million visitors are expected, and said that he wanted to focus on the luxury market.

Macau currently has 22 casinos, 16 of which are owned by Sociedade de Jogos de Macau, a company belonging to gaming magnate Stanley Ho.

With a total of 27.5 square kilometers and a population of 465,000 people, in the first half of 2006 Macau received over 10 million visitors. (macauhub)