Wynn Macau, the casino company led by billionaire Steve Wynn, reached an agreement with government authorities for a land concession in the Chinese territory that will enable it to build 1,500 rooms on a 51 acre site.
The agreement with the government in Macao, which includes permits to build a five-star hotel with gaming areas and convention facilities, allays concerns that the long delay on the project had to do with Beijing’s desire to limit opportunities for US companies in the territory.
The company said it would pay $193m for the use of the land and that it would have five years to complete the project. Philip Tulk, an analyst with RBS, said that because the Wynn request to lease land in Cotai, the strip away from the crowded main peninsula of Macao, where Wynn already has a casino, dated back to 2004, the delay had prompted questions about the company’s growth prospects.