Wynn confident about new venture
The latest news from the prosperous gambling market of Macau involves reports that a new venture by US gambling mogul Steve Wynn's group Wynn Resorts will cost it as much as $4 billion, which will be spent for the development of a new land casino resort.
According to Wynn, his new property will 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."
However, he did acknowledge that the growth on the island has slowed down, still noting that the market does not need to keep increasing at such a pace for it to be a good place to do business.
It was further reported that the Wynn investment is already underway, and that the company's Macau division is already breaking ground on a 20 hectare site located on the Cotai Strip. The plan is to open the new resort around 2016.