Wynn Resorts to Open Second Property in Macau$2.5 Billion Project Inked to Begin in World's Largest Gaming Market |
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On Sunday, Wynn Resorts’s Macau enterprise announced it had reached a deal with the government of the world’s most profitable gaming market to build its second brick-and-mortar casino.
According to the Associated Press, Wynn Macau will pay more than $193 million in land premiums, split into a down payment and eight semiannual payments, to the Macau government for the 25-year land lease. The government is also charging Wynn Macau $771,738 a year in rent during the resort’s development, which will go up to about $1.08 million when the project is finished.
CEO Steve Wynn has said that he wants the $2.5 billion investment to be open by 2015. The resort is set to include about 1,500 hotel rooms, 500 table games and 1,300 slot machines, with 12 acres left over for further development and expansion.
In addition to Wynn Resorts, major Nevada companies Las Vegas Sands Corp and MGM Resorts International operate in Macau, which is the only place where gambling is legal in China. The three corporations helped Macau casinos collect a record $23.5 billion in gaming revenue during 2010. This past August gaming revenues were up 57 percent compared to last year.
While casinos in Macau are flourishing, the majority of Nevada operators are holding steady or experiencing small gains in overall win. In a Monday press release, The Nevada Gaming Control Board said that the Silver State’s nonrestricted gaming licensees reported a total gaming win of $860 million for the month of July, marking a 3.66 percent increase compared to July 2010, when licensees reported a gaming win of $830 million.
Strip casinos saw a 1.6 percent gain up to $468.5 million, the third straight monthly increase, while casinos in downtown and North Las Vegas saw gaming revenues grow more than 10 percent and the Boulder Strip 13 percent.
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