he general contractor, Leighton Holdings, notified Wynn that it couldn’t complete the Wynn Palace by the previously announced March date, according to a statement Wednesday from the Las Vegas-based company.
The US$4.1 billion ($5.8 billion) resort is one of several set to open next year. The Chinese territory, the world’s largest gambling market, has suffered a steep decline in betting amid a crackdown on corruption in the country. Wynn generated 70% of its 2014 revenue in Macau and has fallen the most among US companies operating there, with the stock down almost 60% this year.
Wynn fell 0.4% to US$61.31 at the close in New York.
The Wynn Palace will feature 1,700 hotel rooms, a lake with gondolas and fountains, meeting space, a casino, a spa, stores and food-and-beverage outlets. It is the first for the company in the Cotai area of Macau.
Two major new resorts that opened this year, from Melco Crown Entertainment Ltd. and Galaxy Entertainment Group, haven’t stemmed Macau’s 17-month betting slump. Casino revenue fell 28% year-over-year in October and Macau Chief Executive Fernando Chui said Tuesday the government has forecast revenue of 200 billion patacas ($35.3 billion) for 2016, the lowest since 2010.
Wynn Resorts founder and Chief Executive Officer Steve Wynn criticized Macau authorities last month for not telling casino operators until just before their opening dates how many table games they will be allowed to offer. Limits on the number of table games endanger the profitability of the projects, he said.