International edition
September 26, 2021

The Resorts' contracts start to expire by 2020

Wynn Resorts owner certain about Macau concession extension

Wynn Resorts owner certain about Macau concession extension
Wynn Macau, the subsidiary in the Chinese-controlled territory, has produced over 75% of Wynn Resorts' total revenues.
Macau | 01/23/2018

Casino magnate Steve Wynn stated he was sure his casino business in Macau will be granted an extension of its concession agreement, which expires in 2022.

W

ynn Macau, the subsidiary in the Chinese-controlled territory, has produced over 75% of Wynn Resorts' total revenues.

The expiry of casino licenses in the former Portuguese colony has been a critical issue for operators, such as Sands China, MGM China and SJM Holdings, with the first round of licenses due to expire in two years.

Wynn’s concession with the Macau government runs until 2022, but authorities have provided little information about whether, and how, the licenses will be renewed.

Wynn told analysts on a conference call on Monday that his confidence stemmed from talks with the government in Macau.

“We have been given reason to have confidence that our businesses will continue after the initial concession expiration dates,” he said. “That confidence is based upon the kind of conversations we have had with the government.”

Privately, some casino executives have expressed concern over the uncertainty, and have been making increasing efforts to stay on the right side of the authorities.

Wynn, who operates two luxury resorts in Macau and is also the Republican National Committee Finance chair, said China, which controls the special administrative region, was adamant about stability and did not like disruptions.

He had frequent discussions with casino bosses Sheldon Adelson, owner of Las Vegas Sands (LVS.N) and Sands China, and James Murren, head of MGM Resorts (MGM.N), he added.

“We are so stitched into that community, with our employees and our company, that we feel comfortable in this situation,” he said.

Wynn said the local government had encouraged him to file plans for the company’s second phase on Macau’s fast-growing Cotai strip, modeled after Las Vegas with large, glitzy properties.

Yogonet.com / Reuters
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.