Wynn Macau, the Chinese business unit of US operator Wynn Resorts, has signed a land concession contract with the enclave's government to develop a new casino resort in the Cotai area.
The company will lease around 51 acres of land from the government for an initial term of 25 years for a total fee of $193.4m. It now has 60 months from the date the contract is published to complete development of the land.
Wynn Resorts saw its second-quarter revenues jump over $300m thanks to the strong performance of its properties in both Las Vegas and Macau.
Net revenues for the three months to June 30 stood at $1.37bn, up from $1.03bn in the same period last year. Revenues were driven by a 36.7 per cent increase in revenues at Wynn Macau and a 22.8 per cent increase from the company’s Las Vegas operations.
Property EBITDA, meanwhile, was $447m, 58.9 per cent above the $281.4m recorded in the second quarter of 2010.
