peaking to media at an annual general meeting in the former Portuguese colony, Wynn said the opening of Galaxy Entertainment Group's new property over the weekend would only have a positive effect on the market place. "I think that the Macau market growth rate for the first quarter will be exceeded in the future because of Galaxy," he said.
Gaming revenue in the former Portuguese colony has soared over the past year, with revenue streams eclipsing Macau's neon rival Las Vegas about fourfold. Macau posted a total of us$ 10 billion in gaming revenue for the first four months of this year, matching Las Vegas' total figure for the whole of 2010.
Wynn is one of six casino operators licensed to work in the glitzy enclave, the only part of China in which mainlanders are legally allowed to gamble in casinos. Billionaire Sheldon Adelson's Sands China and MGM Resorts International - currently readying to list its Macau unit on the Hong Kong stock exchange - are the other U.S. operators with casinos in Macau.
Wynn dismissed the perception of Wynn Macau as a VIP-centric property, noting that Wynn's general or mass market of China's burgeoning middle class was a clear performance indicator for the group. "We just have a lot of VIP business, but we also have the best win per table in the general casino in Macau. Of all 33 casinos, the best general casino is the one you are standing on top of," he said.
Asked about losing market share to rivals, Wynn said he was not worried as the company's share of the money had grown. Wynn, like Hong Kong tycoon Stanley Ho's SJM Holdings and MGM Resorts International, is awaiting government approval for its land concession on the developing Cotai strip.
The magnate has said repeatedly that approval to start construction was imminent. The authorities hope the development of Macau's dusty Cotai strip, still somewhat barren, will transform Macau from a pure gaming hub into a global tourism and leisure destination.
Sands China and Melco Crown are already operating casinos on Cotai with the Venetian and City of Dreams, while Galaxy opened its new 550,000 sqm resort earlier this week.