Wynn Macau Receives Formal Approval for Development of the Single Most Important Project in the History of Wynn Resorts from Macau Government; Paves Way to Break Ground on the 51-acre Site that will Include 2,000 rooms / May 2012

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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Visit Deutsche Presse-Agentur GmbH (Hamburg, Germany) at www.dpa.de/English.82.0.html

Distributed by MCT Information Services

Also See:	SEC Looking into Wynn's Casino License in Macau and its $135 Million Donation Pledge to the University of Macau / February 2012
	How Macau Became a Powerhouse (with a little help from Las Vegas) / October 2011
	Wynn Resorts Sees Boost in Second Quarter Profit to $200.8 million Compared to $64.9 million Same Quarter Last Year; Numbers Driven by Revenue Increases in Both Macau and Las Vegas / July 2011
	Wynn Resorts Posts Sixfold Profit Increase in First Quarter 2011 to $173.8 million Due to Booming Buisness in Macau and Rebounds in Las Vegas / April 2011
	Wynn Resorts Ltd. Posts Robust 2nd Qtr Net Income, It's Casinos in Macau Offset Las Vegas Losses; Will Spend $99 million to Remodel All 2,700 Rooms at the 5-year-old Wynn Las Vegas / August 2010
	Macau May Take Back Land Promised to Four of Nevada's Top Casino Companies / March 2010
	Steve Wynn Starts Dress Rehearsals for the $1.2 billion Wynn Macau / July 2006
	Steve Wynn Remains Committed to Building Wynn Macau, a $556 million Megaresort; Dynamic Chinese Market Likely to Transform Wynn Resorts / November 2003