Tuesday, 13 September 2011

Steve Wynn to open vast hotel in Macao

Steve Wynn, the hotel and gaming supremo of Las Vegas is to open a vast property in Macao, China. The billionaire has struck a deal with the government in Macao to build a 1500 room 5 star hotel on a 51 acre-site in the region. The vehicle for the project, entitled Wynn Macau have paid $193m for the use of the land and will have five years to complete the project. The approval of the project is not only good news for Steve Wynn but also for the American government who were getting the impression that Beijing were attempting to limit the influence of American run companies in China.

The growth of gambling in Macao is so fast that analysts suggest that this years gaming revenues will surpass those of Las Vegas by five times.

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