Monday, July 15, 2019
As per a note received by the Hong Kong Stock Exchange on Thursday, July 11, 2019, Wynn Resorts plans for a $2-billion expansion of its Wynn Palace resort property in Macau. Macau is considered the world’s foremost gambling market.
To be built adjacent to the existing Wynn Palace on the Cotai Peninsula, the new Crystal Pavilion complex is envisioned as an entirely glass-and-steel structure, designed by architect Robert A.M. Stern.
The new space will feature non-gambling attractions, including an art museum with interactive sculptures, impressive gardens, a 270-degree fully-immersive entertainment theatre and food and dining venues.
The expansion will also see the addition of two new hotel towers, which will provide about another 1,300 guest accommodations on the property. Wynn has also allocated $125 million for renovations to existing areas of the resort.
Phase-I construction of south-parcel pavilion and hotel tower is set to begin in 2021. It is expected to take around three years for the construction to complete. The opening is planned for 2024. The costs and timing of Stage II construction of the north-parcel hotel tower are yet to be determined.
Reportedly, Wynn Resorts expects the new non-gambling project to eventually yield between a 15- and 20- per cent return on the investment.
Tags: expansion, Macau, Wynn Resorts
