US casino magnate Steve Wynn said yesterday that his new Cotai casino resort in Macau would cost US$4 billion to build.
Approval for a 51-acre site at Cotai was awarded to Wynn early last month. The casino giant currently operates a single high-end property, which opened in 2006, on the Macau peninsula but Cotai is fast becoming the city's new gaming mecca.
'Wynn Macau has always claimed that the investment will be more than US$3 billion, and a super- luxury project needs an investment of such a size,' said Edwin Fan, an analyst at BOC International.
Wynn said yesterday in Macau that the new integrated resort will be financed by loans, debt and cash. It will incorporate a 2,000-suite casino-hotel, 120,000 square feet of retail space, up to 10 restaurants, theatres, ballrooms, a nightclub and spa.
The 70-year-old chairman and chief executive of Wynn Resorts said shareholders would be 'very happy' with the return on their investment.
The casino will have no more than 500 tables, Wynn said. 'Quality is more important - not quantity.' The project will take up to four years to build, Wynn said. The Macau monorail will stop at the resort's lakeside front, close to the airport.
Casino rival Galaxy Entertainment has announced an investment of HK$16 billion to build the second phase of its Cotai resort, which is expected to open in mid-2015.