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.

  • Filipino, Vietnamese troops play games on Spratly island

    MANILA, Philippines (AP) — Filipino and Vietnamese troops played football and tug-of-war Wednesday to foster camaraderie at a Philippine-held island in the South China Sea, where territorial rifts have escalated following China's island-building activities. …

  • Philippine, Vietnamese troops play soccer and sing on disputed island

    By Manuel Mogato MANILA (Reuters) - Vietnamese and Philippine troops played soccer and sang karaoke on a South China Sea island on Wednesday in a sign of the growing security ties between the two Southeast Asian nations most at odds with Beijing over the contested waterway. Cooperation has blossomed between Hanoi and Manila since they shelved decades of enmity over their competing claims in the Spratly archipelago to try to counter China, whose creation of artificial islands in the region …

  • SE Asia Stocks - Fall on renewed U.S. rate hike concerns

    BANGKOK, May 27 (Reuters) - Southeast Asian stock markets tumbled on Wednesday as investors resumed selling on expectations of an interest rate hike in the U.S. sooner rather than later, derailing Philippine ... …

  • Phl, US defense chiefs to meet on sea dispute
    Phl, US defense chiefs to meet on sea dispute

    As US aircraft carrier USS Ronald Regan began its journey to Asian waters amid China’s power flexing in the region, Defense Secretary Voltaire Gazmin would try to hear directly from his US counterpart how far America is willing to go to aid its long-time ally against China’s threatening moves in disputed waters. Gazmin flew to Hawaii last Monday to attend ceremonies for the turnover of leadership of the United States Pacific Command (USPACOM) from Admiral Samuel Locklear to Admiral Harry …

  • Water in Angat Dam falls below critical level
    Water in Angat Dam falls below critical level

    The water level of Angat Dam in Bulacan yesterday fell below the 180-meter critical level for irrigation, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said. PAGASA said the dam’s water level further dropped to 179.98 meters as of 6 a.m. yesterday from 180.2 meters on Monday. The priority is the domestic consumption in Metro Manila, according to PAGASA. …

  • PCSO gets P3-B fund for medical aid
    PCSO gets P3-B fund for medical aid

    The Philippine Charity Sweepstakes Office (PCSO) reported yesterday that an estimated P3-billion charity fund has been allocated by Congress to the agency to provide medical assistance to indigent patients and also give funds to other government offices including the Philippine Drug Enforcement Agency (PDEA) and the Crop Insurance Program. …

  • Image of Asia: Tearing down squatters' homes near Manila
    Image of Asia: Tearing down squatters' homes near Manila

    In this photo by Bullit Marquez, a demolition crew begins to tear down a squatters' community at suburban Caloocan city, north of Manila, Philippines. Population growth and the lack of economic opportunities in rural areas have driven millions of Filipinos into the squatters' colonies that dot the sprawling metropolitan area in and around Manila. Most of the land they occupy is privately owned, and clearing the dwellings often results in violence. The landowner had offered about $1,344 in …

  • SE Asia Stocks - Mostly down; Thai shares near 2-week low

    BANGKOK, May 26 (Reuters) - Most sharemarkets in Southeast Asia fell on Tuesday with the Thai index ending at a near two-week low and the Philippines touching a near four-week low after trade data while ... …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options