With the Wynn and Encore casinos in Macau proving to be exceedingly popular, Steve Wynn is planning another, larger project - the Cotai. As first reported in the Macau Daily Times, ground breaking could be as early as next month for what Wynn calls "a breakaway property."
Wynn's Macau's Cotai project could break ground next month or in April, the magnate revealed, as the building's architectural design is already complete. Wynn said it could open in late 2014 or early 2015 and he wouldn't be surprised if the total cost ran close to $2.5 billion. The nearly 52-acre property is situated next to City of Dreams and Macau University of Science and Technology.
If you think the price tag is too high, don't worry about Steve Wynn. Not only is the casino magnate's Las Vegas business up, but Macau income grew some 75-percent in the last quarter compared to the same quarter in 2009.
If that growth doesn't capture your imagination, Wynn admitted that during Chinese New Year, the casino experienced a night that "we'll all remember" when the slots and table game win for a single 24-hour period exceeded $46 million.
It's obvious that China provides a huge market for tiny Macau, and Wynn stressed that things can only get better after the Light Rapid Transit system and the Hong Kong-Zhuhai-Macau Bridge are complete. "I'm not sure that any of us understand how big that impact is," Wynn said.
Really? How do you top a $46 million dollar day?
Comments