Wynn ups the stakes in China’s gambling center

Wynn plans to make use of a 51-acre site in Macau and his new casino-resort will boast 2,000 suites, a massive 120,000 square feet (11,150 sq m) of retail space and such other attractions as theaters, a nightclub and spa and 10 restaurants. For those who fancy a flutter, there will be around 500 tables available to gamble on while Wynn already operates one casino in Macau, which offers around 200 tables.

The southern Chinese enclave of Macau -- the only place in the country where is it legal to gamble -- raked in an estimated 268 billion patacas (26.5 billion euros) last year, close to six times the amount turned over in Las Vegas, the city that was up until as recently as 2006 the undisputed king of gaming destinations.

But Macau, situated in the Pearl River Delta and a 40-minute ferry trip from Hong Kong, has seen phenomenal growth and success since casino licenses were opened to international players from 2001.

Local operator still holds lion's share

The city now boasts 35 casinos with 20 owned and operated by the Macau's own "Casino King," Dr. Stanley Ho. Other players include the local Galaxy group (six casinos), Las Vegas Sands (four) and the Macau-Australian combination Melco (three).

Even though Macau has reported a drop-off in its growth, revenue is still rising at a rate of about seven percent per month.

"Growth of the market has been so spectacular, the expansion so dramatic [that] it is unrealistic for it to continue at that rate,' Steve Wynn told the South China Morning Post.

Galaxy Entertainment recently announced plans to build the HK$16 billion (1.6 billion euros) second phase of its massive Galaxy Macau resort, which has tried to expand options for visitors to the city by adding a cinema complex and huge outdoor wave pool to the gambling and F&B attractions, the traditional mainstays of resorts in the city.

MS