Date
23 September 2017
Steve Wynn says his firm's Cotai land deal in Macau was entirely transparent, and that there is no ground for suspicion of misconduct. Photo: Bloomberg
Steve Wynn says his firm's Cotai land deal in Macau was entirely transparent, and that there is no ground for suspicion of misconduct. Photo: Bloomberg

Macau concludes probe into Cotai land deal; matter ‘clear’: Wynn

Macau authorities have completed an investigation into a Cotai land transaction of Wynn Macau Ltd. (01128.HK) and are apparently satisfied with the outcome, according to its chairman Steve Wynn.

The transaction was entirely transparent and clear, Wynn said in response to questions about a probe conducted by Macau’s anti-graft agency, the Hong Kong Economic Journal reported Wednesday.

Wynn stressed that the land deal was totally mundane and irrelevant to any graft accusation, and that Wynn Palace project in Cotai will commence operation in spring 2016 as scheduled.

The casino operator was allegedly paying Tien Chiao Entertainment & Investment Co. Ltd. US$50 million for land use rights, after the company was awarded a land parcel in Cotai from the government.

The anti-graft watchdog intervened and launched an investigation in July.

On other matters, Wynn said he is confident about the prospects of Macau’s gaming sector despite some short-term headwinds that affected revenues recently. He expected the market to return to a stable condition soon as Fernando Chui Sai-on has begun his second term as Macau’s chief executive.

Wynn Macau is looking at investing in Hengqin in Zhuhai, which has potential to emerge as a key global tourist spot, the chairman said.

Macau saw its total visitor arrivals rise 7.5 percent from a year ago in August to hit a new high of 3.09 million, according to official data.

The number of mainland tourists rose 13.3 percent to 2.13 million during the month, with individual travelers up 19 percent at 1.06 million.

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