New Wynn’s Macau casino to open in four years, aims to double revenue
Wynn Resorts, owner of the Wynn and Encore casinos, will double Macau earnings when it opens a new resort in the Chinese city in four years, Chairman and Chief Executive Officer Steve Wynn said. “I don’t know what measurements you use - revenue, profitability, total visitation, but we could be easily twice as big,” Wynn, also the chairman of Hong Kong-listed unit Wynn Macau (1128), said in a May 14 interview with Bloomberg television.
Billionaire Sheldon Adelson, chairman of Las Vegas Sands (LVS), has said he plans to recreate the Las Vegas Strip on the Cotai Strip, the 1.8-mile isthmus of reclaimed land linking the Macau islands of Coloane and Taipa. Wynn, who doubled his company’s presence in the Chinese city with last year’s opening of Encore Macau, said April 14 he expected government permission to start building the new casino “any day now.”
Wynn, whose Macau unit has more than doubled in market value in the past year, said he expects to open the new resort in 2015. Casino gambling revenue in the former Portuguese colony soared 58 percent last year to us$ 23.5 billion, about four times that of the Las Vegas Strip.
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