Steve Wynn, the Las Vegas billionaire, has received approval for his Macau business to proceed with a 51-acre casino resort in the former Portuguese colony, in what is a positive sign for other casino properties awaiting the go-ahead.
Wynn Macau, a subsidiary of Wynn Resorts, will invest $3bn in the 1,500 to 2,000-room hotel and casino project, which analysts say should be completed within four years. Trading in the company’s shares was suspended yesterday in Hong Kong ahead of an official announcement.
The approval comes as the Macau gambling industry struggles to meet demand from wealthy Chinese gamblers and Asian tourists. In 2011, Macau’s gambling revenues were $34bn, almost six times the revenues of Las Vegas.
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