Wynn, Ho Reports New Projects in Macau

5 May 2005

LAS VEGAS -- Wynn Resorts Ltd. said Wednesday that it plans to spend about $345 million to expand its Wynn Macau resort under construction in China.

The resort is scheduled to open in the third quarter of 2006.

Original plans called for a $705 million resort consisting of a 600-room hotel, a casino, seven restaurants, retail space, a spa, a salon and entertainment facilities on 11 of 16 acres leased from the Macau government.Advertisement

Wynn's announcement came on the same day Macau gambling magnate Stanley Ho unveiled plans for a massive entertainment complex to strike back at his Las Vegas gambling competitors.

Ho's project, named Oceanus, includes a main waterfront structure that resembles a ship's bow, which will measure 1,485 feet long and 436 feet high, Ho's Macau Gaming Co. said in a statement seen Wednesday. It will house a casino, a shopping mall and luxury housing.

An adjacent 591-foot office tower will overtake the 535-foot Bank of China Building, becoming one of the tallest buildings in Macau, the South China Morning Post reported Wednesday.

Wynn said his expansion project will add 85,000 square feet of casino space, two additional restaurants, a theater and an entrance attraction to his Macau resort.

The company said the expansion will be built on the remaining five acres he leased, and that construction will begin in the third quarter. The expansion's opening is slated for the first half of 2007.

Wynn Resorts plans to increase its senior debt line to fund the expansion, and has engaged Deutsche Bank, Societe Generale and Bank of America to arrange the financing.

The Oceanus project, due to be completed in 2009, is designed by controversial French architect Paul Andreu, who designed Beijing's new National Theater and terminal 2E at Paris' Charles de Gaulle airport, which collapsed last year, killing four people.

"(Oceanus is) a symbolic entrance to the new development of Macau," Andreu said in the statement.

Ho's new buildings will add more glitz to Macau's skyline, which is changing with the arrival of Las Vegas casino operators.

Las Vegas Sands Chairman Sheldon Adelson opened the gleaming Sands Macau last year, drawing throngs of gamblers away from Ho's casinos.

Ho has responded to Sands Macau and Wynn's planned megaresort with various casino projects, including the new $257 million Greek Mythology Casino.

Industry insiders expect Macau to overtake Las Vegas as the world's biggest gambling market in 2005.

The territory's casinos are expected to bring in more than $5 billion in gambling revenue as newly affluent mainland Chinese go to Macau to gamble.

Macau, 40 miles west of Hong Kong, is a former Portuguese colony that returned to Chinese rule in 1999.

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	Wynn, Ho Reports New Projects in Macau 5 May 2005 LAS VEGAS -- Wynn Resorts Ltd. said Wednesday that it plans to spend about $345 million to expand its Wynn Macau resort under construction in China. The resort is scheduled to open in the third quarter of 2006. Original plans called for a $705 million resort consisting of a 600-room hotel, a casino, seven restaurants, retail space, a spa, a salon and entertainment facilities on 11 of 16 acres leased from the Macau government.Advertisement Wynn's announcement came on the same day Macau gambling magnate Stanley Ho unveiled plans for a massive entertainment complex to strike back at his Las Vegas gambling competitors. Ho's project, named Oceanus, includes a main waterfront structure that resembles a ship's bow, which will measure 1,485 feet long and 436 feet high, Ho's Macau Gaming Co. said in a statement seen Wednesday. It will house a casino, a shopping mall and luxury housing. An adjacent 591-foot office tower will overtake the 535-foot Bank of China Building, becoming one of the tallest buildings in Macau, the South China Morning Post reported Wednesday. Wynn said his expansion project will add 85,000 square feet of casino space, two additional restaurants, a theater and an entrance attraction to his Macau resort. The company said the expansion will be built on the remaining five acres he leased, and that construction will begin in the third quarter. The expansion's opening is slated for the first half of 2007. Wynn Resorts plans to increase its senior debt line to fund the expansion, and has engaged Deutsche Bank, Societe Generale and Bank of America to arrange the financing. The Oceanus project, due to be completed in 2009, is designed by controversial French architect Paul Andreu, who designed Beijing's new National Theater and terminal 2E at Paris' Charles de Gaulle airport, which collapsed last year, killing four people. "(Oceanus is) a symbolic entrance to the new development of Macau," Andreu said in the statement. Ho's new buildings will add more glitz to Macau's skyline, which is changing with the arrival of Las Vegas casino operators. Las Vegas Sands Chairman Sheldon Adelson opened the gleaming Sands Macau last year, drawing throngs of gamblers away from Ho's casinos. Ho has responded to Sands Macau and Wynn's planned megaresort with various casino projects, including the new $257 million Greek Mythology Casino. Industry insiders expect Macau to overtake Las Vegas as the world's biggest gambling market in 2005. The territory's casinos are expected to bring in more than $5 billion in gambling revenue as newly affluent mainland Chinese go to Macau to gamble. Macau, 40 miles west of Hong Kong, is a former Portuguese colony that returned to Chinese rule in 1999. Copyright GamingWire. All rights reserved.