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WYNN SPLASHING OUT $4 BILLION ON NEW MACAU CASINO
Tuesday June 5, 2012 : WYNN SPLASHING OUT $4 BILLION ON NEW MACAU CASINO
Revenues might be slowing in the Chinese gambling enclave, but Wynn remains confident
US gambling mogul Steve Wynn's group Wynn Resorts is investing $4 billion in the development of its latest land casino resort on the Chinese island of Macau, according to reports from the Reuters news agency.
Wynn expressed his confidence in the region to reporters this week, saying that his new property would provide a return on investment despite the current economic climate.
"Growth of the market has been so spectacular, the expansion so dramatic, it is unrealistic for it to continue at that rate," Wynn said, acknowledging recent developments that have seen growth slow on the island. However, he noted that the market did not need to keep increasing at such a pace for it to be a good place to do business.
In recent times Macau generated more than five times the revenue that Las Vegas does, but the latest numbers indicate that growth slowed to 7.3 percent in May 2012 - its slowest rate of expansion since July 2009
Competition in the Macau market remains fierce, with Las Vegas Sands, SJM Holdings and MGM Resorts all keen to expand operations.
Wynn's investment is already underway, with the company's Macau division breaking ground on a 20 hectare site located on the Cotai Strip, an area of reclaimed land. The new casino resort is scheduled to open around 2016.
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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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