Thursday, September 19, 2019
Martin Hennecke

Wynn to splash US$2b in Macau
<p>Wynn Resorts, the parent of Wynn Macau (1128) unveiled plans for a US$2 billion (HK$15.6 billion) expansion of its properties in Macau, including a theater and museum.</p><p>The company expects to get as much as a 20 percent return on the investment.</p><p>The Crystal Pavilion complex, which will be adjacent to the Wynn Palace on the Cotai peninsula, will include two hotel towers, interactive sculptures, gardens and a performance space in a glass and steel structure designed by architect Robert A.M. Stern.</p><p>Construction will begin in 2021, with an opening set for 2024.</p><p>Chief executive Matt Maddox is pressing ahead with his expansion plans, even with markets skittish over trade tensions with China. Casino operators there are under pressure to invest in non-gambling attractions to diversify China&#39;s tourism industry.</p><p>Wynn Resorts is also competing for a license in Japan, which recently legalized casino gambling. The company unveiled an illustration of an urban waterfront resort there on Wednesday as part of a presentation to investors at its new Encore Boston Harbor resort.</p><p>Licenses for Macau casinos are expected to come up for renewal over the next few years, with Wynn&#39;s due in 2022, giving the company an incentive to underscore its commitment. Wynn also plans US$125 million in renovations for its original resort there.</p><p>Wynn projected revenue growth of 22 percent through 2021, and 28 percent higher earnings before interest, taxes, depreciation and amortization. The Boston resort could generate as much is US$325 million in profit on revenue of US$1.1 billion within three years, the company said.</p>
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