Wynn gets go-ahead for new Macau casino

US gaming mogul Steve Wynn said Wednesday his Macau business had received approval to build a new casino in the southern Chinese city, the world's biggest gaming hub.

Construction could now begin at the 21-hectare (51-acre) site on Macau's Cotai Strip, he said in a statement on US-based Wynn Resorts' website.

"The official transfer of real estate in Cotai makes possible the commencement of the construction phase, of what will be the single most important project in the history of Wynn Resorts," Wynn said.

No other details were provided but local unit Wynn Macau has said previously the new casino could open as early as 2013, and the property would include a hotel and about 450 gambling tables.

Wynn Macau is one of six firms licensed to operate casinos in Macau, which was handed back to Beijing in 1999 and remains the only Chinese city where casino gambling is allowed.

The city's no-frills gaming scene was monopolised by 89-year-old tycoon Stanley Ho for decades until it opened to foreign competition in 2002 and took on all the glitz and kitschy glamour of Las Vegas.

It has now leap-frogged the US city to become the world's most lucrative casino market, with gambling revenues hitting a record $33.47 billion in 2011.

Takings rose 22 percent to 25 billion patacas ($3.13 billion) in April from a year earlier, despite a slowdown in China's economy, official figures showed Wednesday.

But analysts expect the pace of revenue growth to ease over 2012 compared with the record highs of last year.

US companies have flooded into the semi-autonomous former Portuguese colony, lured by the massive market of gambling-mad visitors from nearby Hong Kong and mainland China.

Rivals such as Las Vegas Sands opened its fourth casino in the city last month, in the form of a $5 billion integrated resort.

Wynn Macau shares were suspended from trade on the Hong Kong stock exchange Monday pending the announcement on the new casino's approval. Its share price has risen about 25 percent since February.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • AFP monitoring deployment of Chinese seaplanes in Spratlys
    AFP monitoring deployment of Chinese seaplanes in Spratlys

    The Armed Forces of the Philippines (AFP) is adopting a wait and see approach amid reports that China will soon deploy seaplanes to further strengthen its maritime claims in the disputed Spratlys. Brig. Gen. Joselito Kakilala, spokesman for the military and commander of the AFP Civil Relations Service, said they have yet to ascertain the real purpose behind China’s continuing aggressive moves in the region. “We will wait and see before coming up with an official stand,” Kakilala said when …

  • US eyes access to Phl bases in 8 locations
    US eyes access to Phl bases in 8 locations

    The United States has asked for access to Philippine military bases in eight locations to rotate troops, aircraft and ships as Washington shifts its forces to Asia and as China expands its military presence in the South China Sea. US Defense Secretary Ash Carter, in a speech in Arizona, has outlined Washington’s next phase in its Asia “pivot,” deploying its most sophisticated destroyers, bombers and fighters to the region. The Asia “pivot” has already seen US Marines rotating through the …

  • Washington bucks China’s aggressive actions
    Washington bucks China’s aggressive actions

    Short of condemning China’s aggressive actions in the West Philippine Sea, a senior US military official said Washington does not support any act of coercion and bullying. “We don’t stand for coercion, bullying and aggressiveness,” said Brig. Gen. Christopher Mahoney, assistant US military director for  Phl-US Joint Balikatan Exercises 2015. At the sidelines of this year’s joint military exercises’ static aircraft display held at Clark Air Base in Pampanga, Mahoney told a media briefing that …

  • ‘Giving Bangsamoro police control is constitutional’
    ‘Giving Bangsamoro police control is constitutional’

    The proposed grant to the chief minister of the envisioned Bangsamoro region of operational control over police forces in the area is consistent with the Constitution, a senior administration lawmaker said yesterday. Rep. Elpidio Barzaga Jr. of Dasmariñas City in Cavite made the statement to allay the fears of his colleagues that the proposal, contained in the draft Bangsamoro Basic Law (BBL), would violate the Charter. It is clear in the proposed BBL that the Bangsamoro police will be part …

  • Noy off to KL for Asean meet
    Noy off to KL for Asean meet

    President Aquino will arrive here this afternoon with Manila hopeful of support from the Association of Southeast Asian Nations (ASEAN) to achieve peace and stability in the West Philippine Sea (South China Sea) as well as economic prosperity and inclusive growth among the people in the region. Philippine Ambassador to Malaysia Jose Eduardo Malaya III said that with respect to the dramatic developments in the South China Sea, Malaysian Foreign Minister Anifah Aman had called for the early …

  • Madrid Fusion Manila reignites Pinoy appetite for great food
    Madrid Fusion Manila reignites Pinoy appetite for great food

    After months of preparation and hard work from both the government and private sectors, the future of food is finally here in the country’s capital. Madrid Fusión Manila opened its doors on Friday to an international delegation who eagerly awaited the discussions of some of the most renowned and revered names in the culinary world. Madrid Fusión Manila is a historic gastronomic event marked by talks and exhibitions that showcases Spain and the Philippines’ shared cultural heritage, as well as …

  • Family receives execution order, visits Mary Jane
    Family receives execution order, visits Mary Jane

    As Philippine officials continue to plead for a stay in the execution of death convict Mary Jane Veloso, the Indonesian government has sent a notice to her family ordering her execution at an undisclosed date, the Department of Foreign Affairs (DFA) said yesterday. Foreign Affairs spokesman Charles Jose said Indonesian authorities also allowed Veloso’s family and her lawyers to visit her on Nebu Kambangan execution island. “The Prosecutor gave notice letter to the family of Mary Jane …

  • ‘Pinoys’ cheerful attitude backs tourism campaign’
    ‘Pinoys’ cheerful attitude backs tourism campaign’

    The 2015 World Happiness Report ranking the Philippines as 90th among 158 happiest countries is a validation of the government’s tourism campaign, “It’s more fun in the Philippines,” a Palace official said yesterday. The news did not come as a surprise as Filipinos are naturally cheerful, Secretary Herminio Coloma Jr. of the Presidential Communications Operations Office said. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options