|After four months of negotiations, Steve Wynnís Wynn Resort (Macau) will sign a long-term casino concession today with the Chinese special administrative region (SAR) of Macau.|
Wynn said in February that he would invest $500 million in Macauís casino, entertainment and tourism sector over the next few years. A government spokesperson said the concession covers a number of individual casino and gaming-table licenses.
Wynn said he plans to build two resort-type casino complexes -- one on the Macau Peninsula near Ho's flagship Lisboa Casino and the other on Macau's off-shore island, Taipa.
The Macau government signed the first of three new casino-concession agreements with Macau casino magnate Stanley Ho on March 28, giving Hoís Sociedade de Jogos de Macau/SJM (Macau Gaming Co) an 18 year casino operating concession.
Ho welcomed Wynn's plans, as did Macau government officials, who said that a Las Vegas-style casino strip on the Macau Peninsula with rival casinos located close to each other would make policing easier.
The government's third new casino concession with Galaxy Casino Co Ltd, backed by Hong Kong investors and the US-based Venetian gaming group, is expected to be signed soon, a senior government source said on Sunday.