Macau Makes Casino Deal With Wynn

Published June 30, 2002 by OCR Editor

Macau Makes Casino Deal With Wynn

On Monday, Steve Wynn, a Las Vegas contractor, endorsed a contract introducing a Vegas-style casino to Macau, situated near gambling tycoon Stanley Ho's site.

Francis Tam, a Macau representative managing casino permits, said that the government has decided to endow Wynn Resort Ltd. (Macau) with six spots neighboring to Ho's Lisboa Hotel- Casino.

The initial period of construction expects to come to a halt by 2006. The twenty-year contract states that the company is obligated to put in $512.8 million within a seven-year time frame. The gross revenue of the casino site will shell out 1.6% to public aid organizations and 2.4% to sustain Macau's network. Mr. Wynn did not elaborate much on the casinos plans, leaving things a bit hazy, though he did say that presently submissions for shares for a new gaming project are open to the public. However, he added that the project is disqualified by U.S. stock policies from hyping his business.

As the new project enters Ho's realm, reports say that Mr. Ho is on a quest to clean up and improve his casino site that does not seem to have the high- profile elaborate appearance Wynn's Resort Las Vegas site is known for bearing. Mr. Wynn was invited to share his thoughts on Mr. Ho and his casinos saying, " I think that it's an extraordinary story of a man who came to a city long ago when it was smaller and finding its way and built an industry that is quite unusual, extraordinary."

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