News for the Hospitality Executive
By Hazel Parry, dpa, BerlinMcClatchy-Tribune Regional News
May 02--HONG KONG -- US Casino magnate Steve Wynn said Wednesday his company had been given permission to build a huge new casino complex in the Chinese gambling resort of Macau.
Wynn, chairman of Wynn Resorts Ltd, said in a statement the 20-hectare site on the resort's Cotai district, developed by the company's Chinese subsidiary, would be "the single most important project in the history of Wynn Resorts."
Wynn Macau Ltd has already said it plans to build a casino complex with 2,000 hotel rooms and a casino in Cotai along with a convention centre, shops and restaurants.
Wednesday's statement said the territory's government had approved the project and work could now begin, but did not give any more details about the project or say when it was expected to open.
The new development will be the latest in a series of Las Vegas-owned casino developments in the former Portuguese colony since it opened its casino industry to foreign investment in 2002.
It will also be the second Wynn casino in Macau. The first, the Wynne Macau, opened in 2006 and includes 1,000 hotel rooms and nearly 500 gaming tables.
Macau is the world's biggest casino resort in terms of gambling income and includes the 2.4 billion-US-dollar Venetian Resort owned by the Las Vegas Sands Corporation, a rival to Wynn Resorts Ltd.
In 2011, gambling revenue in Macau exceeded 33 billion US dollars, far more than the Vegas Strip in the US.
Macau is the only place in China where casinos are allowed and draws millions of gamblers a year from mainland China, Hong Kong and Taiwan.
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Wynn Resorts, Limited
Wynn Las Vegas
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