Steve Wynn wants to start works in Cotai “before June”
Wynn Macau was officially granted a 52-acre plot in Cotai. Wynn said the property would feature around 500 gaming tables, 1,000 slots and 2,000 hotel rooms. “[It will be] us$ 3.5 billion, us$4 billion,” Wynn said in response to a question regarding the budget. “We will build it like we did Encore [Macau]; out of cash flow and if we need any help, the banks are all there for us.”
Asked if he planned to issue fresh equity to fund the Cotai venture, he replied: “I have no plans of doing that.”
Deutsche Bank’s analyst Karen Tang said yesterday the Cotai project could add value of us$ 0.64 a share to Wynn Macau. Ms Tang also said she expects Melco Crown’s Studio City project and SJM Holdings’s land request for Cotai to both receive government approval in next 3 to 6 months.
Goldman Sachs analysts Simon Cheung and Janet Lu wrote in client note that Wynn’s Cotai project may be worth us$ 0.74 per share.
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