Steve Wynn Mulls Move to Macau
(Market Watch) - Wynn, during an interview Wednesday to promote the launch of Encore Macau, told CNBC he is looking at shifting the company headquarters to Macau, without providing details.
Wynn Resorts (WYNN 86.62, +0.05, +0.06%) reportedly gets about 60% of its revenue from operations in Macau. Its local unit, Wynn Macau, is one of the six licensed casino operators in the territory.
The Macau business listed on the Hong Kong Stock Exchange (HK:1128 12.36, +0.18, +1.48%) last year, raising HK$14.49 billion ($1.87 billion).
Wynn also told reporters this week he plans to start construction next year on a hotel and casino on Cotai, an area of land adjoining two outlying Macanese island that's already home to a casino operated by the Las Vegas Sands Corp. (LVS 24.08, +0.03, +0.13%) that ranks as the largest in the world.
Wynn said the luxury hotel and casino complex should be completed before the end of 2013 and feature about 450 gambling tables.
He had previous expressed interest in building a casino in Cotai but until Tuesday hadn't make pubic any development plans.
Wynn described the $600 million Encore hotel and casino, which he opened Wednesday on a site adjacent to his flagship Wynn Macau property as a "boutique hotel" meant to cater to high rollers.
The casino, which is relatively small by Macau standards with 61 gambling tables, is the only one to debut so far this year in the world's biggest gambling market.
A fireworks display to mark the launch of the new casino was rescheduled for Thursday in observance of a day of mourning for victims of an earthquake in the western Chinese province of Qinghai, Wynn said in a statement.
