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Wynn Sells Macau Casino Rights to Australia's PBL for $900 Million

5 Apr 2006

MACAU -- As reported by MSNBC: "Casino operator Wynn Resorts says it has agreed to sell the right to build a casino in Macau to Australian entertainment group Publishing and Broadcasting Limited for 900 million dollars.

"The deal is still subject to Macau government approval, and its value far exceeded analysts' forecasts. Morgan Stanley analyst Celeste Brown says she had expected the sale would bring in $200 million dollars.

"The sale does not affect Wynn's plans to open casinos of its own in Macau. The so-called subconcession was the last available Macau license until at least 2009..."

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