Steve Wynn, the US gaming giant, is preparing to launch his most expensive resort project to date.
The US$4.2 billion Wynn Palace will officially open on Monday (22 August 2016), positioning Wynn alongside the other major players on the Cotai Strip, including Sheldon Adelson’s Las Vegas Sands.
The opening comes however, at a time when the gaming market in Macau is experiencing an unprecedented slump. The city’s gaming revenues have now experienced 26 consecutive months of year-on-year declines, linked to a Chinese crackdown on corruption and money laundering.
But speaking to the Financial Times this week, Steve Wynn remained philosophical.
“Only time will say where does the market settle,” he told the newspaper in an interview. “There’s the demand that’s there yesterday. And then what is the impact of a new place, especially one as ambitious as Wynn Palace. Does it impact or change the nature of the market? That remains to be seen.”
Wynn Palace certainly has the scale to change the market; spread across 21 hectares, the project includes 1,706 hotel rooms, suites and villas, a large casino with approximately 500 tables, a 3.2-hectare lake that guests can cross by cable car, extensive meeting facilities, multiple restaurants, bars and retail outlets, and a vast 18,580m² spa.
Wynn Palace will officially open at 8pm on 22 August, located next door to the existing City of Dreams resort. It will become the company’s second project in the Chinese gaming hub, following the existing Wynn Macau.