Date
22 January 2017
Construction delays have pushed back the opening date of the Wynn Palace on the Cotai Strip in Macau. Photo: leightonasia.com
Construction delays have pushed back the opening date of the Wynn Palace on the Cotai Strip in Macau. Photo: leightonasia.com

Wynn delays opening of casino in Macau

Wynn Resorts Ltd. said the opening of its newest casino in Macau will be postponed by three months, until June 25, 2016, because of construction delays.

The general contractor, Leighton Holdings Ltd., notified Wynn it couldn’t complete the Wynn Palace by the previously announced March date, a statement Wednesday from the Las Vegas-based company said, Bloomberg reported.

The US$4.1 billion resort is one of several set to open next year.

Macau, the world’s largest gambling market, has suffered a steep decline in betting amid a crackdown on corruption in mainland China.

Wynn generated 70 percent of its 2014 revenue in Macau and has fallen the most among US companies operating there, the stock plunging almost 60 percent this year.

Two major new resorts that opened this year, from Melco Crown Entertainment Ltd. (06883.HK) and Galaxy Entertainment Group Ltd. (00027.HK), haven’t stemmed Macau’s 17-month betting slump.

Casino revenue fell 28 percent year-over-year in October and Macau Chief Executive Fernando Chui said Tuesday the government has forecast revenue of 200 billion patacas (US$25 billion) for 2016, the lowest since 2010.

Wynn Resorts founder and chief executive Steve Wynn criticized Macau authorities last month for not telling casino operators until just before their opening dates how many table games they will be allowed to offer.

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