Wynn Resort given approval for development of a casino in Macau

Hong Kong,

Wynn Resorts limited has announced that it has received an approval for the development of a new Casino at the district of Macau. Over the last couple of years, Macau has emerged as the world most lucrative gambling market, and it is every casino dream to set shop there. The resort will be constructed in a 21 hectare site.

The founder, and CEO of Wayne Resorts, Steve Wynn said that this is the “the most important project” of the company since it was established. The company is yet to release approval details of the project which is waited by the investors.

Wynn Macau’s annual report released in 2011, said that it plans to constructs a Casino in Cotai. The casino was set be include 2,000 rooms, and space for shops, conventions, restaurants, and entertainment joints. With the approval, of the project, it is only a matter of time before the project is actualized. Wynn resort operates some casinos in the peninsular island of Macau, and the new casino will be its first in Cotai, a reclaimed swampland. Wynn Resort competitors such as Galaxy Entertainment group and Las Vegas Sands Corp already have set base in Cotai.

It’s all about profitability

Macau, a former Portuguese colony and the only region in China where gambling is legal, is the best place to be for any casino that wants to realize profitability. Since the end of the government monopoly over gambling in 2002, revenue has been rising annually. In 2012 alone, there was a rise of 27% rise of revenue in the first three months of the Year. Last year, the casino revenue in Macau rose by 42 percent to $33.5 billion. This amount was five times the amount of revenue realized in Las Vegas. Wynn resort also reports that 70% of its revenue for the previous year came from Macau. According to Industrial analyst, Cotai casino business is being spurned by a growing number of Middle-class in China. With encouraging Casino news coming out of the Macau, it is no surprise why every investor wants to go to Macau.