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China – Wynn delays opening of Wynn Palace by three months

By - 20 November 2015

Wynn Resorts has delayed the opening of its forthcoming casino in Macau by three months due to construction delays.

Wynn Resorts stated: “Wynn Resorts was notified today by its general contractor, Leighton Holdings Limited, that the Wynn Palace project in the Cotai area of Macau will not be ready to open by the projected early completion date of March 25, 2016. The revised opening date for the project is currently June 25, 2016.”

The US$4.1bn Wynn Palace resort will feature 1,700 hotel rooms, a lake with gondolas and fountains, meeting space, a casino, a spa, stores and food-and-beverage outlets. It is not yet known how many gaming tables the casino will be allowed a point that owner Steve Wynn recently criticised the Macau government for.

Mr. Wynn said prior to the opening of rival project Studio City: “The table cap is the single most counter-intuitive and irrational decision that was ever made. Here we are spending billions of dollars and then arbitrarily somebody says, ‘well you should only have this many tables.’ No jurisdiction ever has imposed that kind of logic on us. In my 45 years of experience, I’ve never seen anything like this before. The notion that someone who has spent $2.5bn, and I’m talking about Melco now, doesn’t know how many tables they’re going to have, weeks before opening is preposterous. Any drop in our earnings in Las Vegas is a result of a drop in our Asian baccarat business. If anything, the problems in China are causing us to refocus our energies in America.”

The market remains pivotal to Wynn though who generated 70 per cent of its 2014 revenue in Macau.

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