Las Vegas tycoon flies in today

PUBLISHED : Tuesday, 19 February, 2002, 12:00am
UPDATED : Tuesday, 19 February, 2002, 12:00am

Las Vegas casino magnate Steve Wynn arrives in Macau today to start negotiating a final contract for his new gaming concession in the enclave.

A lawyer acting for Mr Wynn in Macau, Correia da Silva, said the tycoon would meet authorities tomorrow, do some sightseeing, tour potential seafront casino sites and hold a press briefing.

Asked if Mr Wynn planned to visit Macau's existing casinos, he said it was unlikely.

Details of Mr Wynn's plans for Macau have not been finalised but Mr da Silva said Mr Wynn would like to build something connected with the region and Chinese culture.

'We would like to have as many [casinos] as possible,' he said, adding Wynn Resorts would invest at least $4 billion.

Unlike other bidders, Wynn Resorts did not submit architectural models or drawings as part of its initial bid. Mr Wynn preferred to wait to get a better feel for Macau, which he had visited several times, Mr da Silva said.

The Macau Government said it awarded a concession to Wynn Resorts because of its 'capacity for innovation and creativity'.

Wynn Resorts had relied on a small taskforce in Macau so far but would now have to build a company, Mr da Silva said.

Mr Wynn is building, at a cost of between US$1.2 billion and US$1.6 billion (HK$9.36 billion and 12.48 billion), a Las Vegas casino and hotel called Le Reve - named after a Picasso masterpiece he and wife Elaine own. It is due to open in 2004.