Jun. 24--Strip developer Steve Wynn signed a casino deal with the government of Macau in a ceremony today, The Associated Press reported. 

Wynn signed his deal with Macau's political leader, Chief Executive Edmund Ho. The signing of the concession contract came four months after Macau awarded Wynn one of three licenses to operate casinos. 

The Asian venture provides a second major development project for the 60-year-old Wynn to direct and finance. 

Wynn filed plans last week with the U.S. Securities and Exchange Commission to build his $1.83 billion Le Reve on the site of the Desert Inn. 

After the signing, Francis Tam, chairman of the Macau Tender Committee for Gaming Concession, said the contract would be for 20 years, starting from Tuesday. The contract requires that Wynn Resorts Ltd. has to invest $512.8 million within seven years and finish construction of the first phase of the resort and entertainment complex by 2006. 

With paying millions in land premiums, the new resort will have to pay 1.6 percent of gross income to public charities and another 2.4 percent of gross income to developing Macau's city infrastructure. 

"We have confidence that this is bringing a new beginning to Macau's tourism industry," Tam said. 

Macau's central location in the heart of Asia is only a 10 minute helicopter trip from Hong Kong, a key advantage, Wynn told the Review-Journal in February. 

Construction costs are about 60 percent less than those in Nevada, and wages are also much lower, Wynn said then. 

"I think it's a really fascinating opportunity. What fun! This is what I was trying to do when I left Mirage: Build more hotels." 

Las Vegas Investment Advisors analyst Dave Ehlers said Sunday that Wynn's track record suggests that if he has decided to invest in Macau, it probably will be a wise decision. 

"Time has always vindicated his judgment," Ehlers said. "With the success of Golden Nugget, The Mirage and Bellagio, his record speaks for itself." 

Top Nevada gaming regulators have expressed concerns about the prospect of state operators setting up shop in Macau's $2 billion gambling market. 

The influence of Chinese organized crime is considered pervasive, with loan sharks and prostitutes openly soliciting business in Macau's 11 casinos, a one-hour hydrofoil ride from Hong Kong. 

In a June 17 filing with the SEC, Wynn Resorts said funding for the Macau operations would come from additional indebtedness or investor equity. 

Last week's announcement of Wynn Resorts' financing, most slated to build Le Reve, included $1 billion in credit lines from a consortium of top investment banks, a $350 million second mortgage, a $150 million loan to buy slot machines and other equipment, and as much as $408.3 million from the planned initial public offering of Wynn Resorts stock. 

Macau awarded the two other licenses to Galaxy Casino Co. Ltd., controlled by Las Vegas Sands, which is owned by The Venetian owner Sheldon Adelson, and Macau Gaming Co., a subsidiary of tycoon Stanley Ho's Macau Tourism and Amusement Co. 

This former Portuguese colony in March ended a 40-year gambling monopoly held by Stanley Ho and brought in competition from Las Vegas in the hope of luring glamor and wealth to help revive its sluggish economy. 

The casinos in Macau are more austere, with little atmosphere to enliven action at the gaming tables. 

Stanley Ho signed a contract with the Macau government one month after February's announcement. He promised to invest $590 million in the next three to five years to upgrade 11 casinos he owns. 

The Las Vegas investors have been slower to reach agreement with Macau's government on their investment plans. 

When Galaxy Casino Co. Ltd. will complete a deal is unclear, but Tam, the government official, said in March he expected to sign a contract with the company soon. 

Macau, 40 miles west of Hong Kong, was governed by Portugal for 442 years before it was returned to China in December 1999. 

Macau has a high level of political and legal autonomy, similar to an administration arrangement used in Hong Kong since it reverted in 1997 to Chinese sovereignty from British control. 

-- The Associated Press contributed to this report. 

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