Billionaire Wynn Optimistic on Second Macau Casino
Steve Wynn has set an opening date for his second Macau casino despite a gambling slowdown in the Chinese city. The Wynn Resorts chairman and founder announced on a conference call Wednesday that Wynn Palace resort will open on March 25 along the Cotai Strip. The Hong Kong-listed unit of Wynn saw earnings decline 44% in Q2, reports Bloomberg. Macau casinos are struggling through a yearlong downturn as China’s crackdown on political corruption has reduced gambling by high rollers. Operators are hoping new resorts that integrate more attractions will lure additional tourists and help spark a turnaround. Wynn has asked for clarity from the city’s government on its plans for the gambling industry and on the number of workers he could get to finish building the new resort. “We’re pretty sanguine at the moment, although anything is subject to change. The government happily gave us 100% of our last and final request for construction labor,” Wynn said. [Bloomberg]
