HONG KONG May 2 Steve Wynn's $17 billion Macau
casino company, Wynn Macau Ltd, has received formal
approval from the government to begin construction on a new
project in the world's largest gambling destination.
Wynn Macau, a subsidiary of Wynn Resorts Ltd, said
on Wednesday it can now break ground on its 51-acre site on
Macau's developing Cotai strip, according to a press release
posted on its website.
The approval is critical for Wynn, putting it ahead of
rivals in Macau including MGM Resorts' MGM China
and Macau kingpin Stanley Ho's SJM Holdings,
all of whom are racing to secure a larger share of the lucrative
Macau, located on China's southern tip, has been a goldmine
for the six casino players because of pent up demand from
mainland visitors and high rolling VIPs, eager to place their
bets in the only city where Chinese citizens are legally allowed
to gamble in casinos.
Steve Wynn, the Las Vegas casino mogul behind Wynn Resorts,
is also locked in a legal battle with his former Japanese
partner over financial documents relating to a $135 million
company donation to the University of Macau and other financial
Wynn, who already has a property on Macau's crowded
peninsula, has been eager to develop on Macau's Cotai strip
where U.S. billionaire Sheldon Adelson has two properties and
where Asian players Galaxy Entertainment and Melco
Crown also have operations.
Shares in Wynn Macau were suspended on Wednesday ahead of