Wynn Macau Expansion Plans Delayed

LAS VEGAS, Nevada – As reported by the Las Vegas Review Journal: Wynn Resorts Ltd. said Thursday it was delaying a portion of its expansion plans in Macau because of recent travel restrictions
  by the Chinese government and the scheduled openings of two large competitors later this year.

"The $1.2 billion Wynn Macau, a scaled-down version of Wynn Las Vegas, opened last September with 600 hotel rooms and an 110,000-square-foot casino with 256 table games and 477 slot machines.

"In a statement, the company said it would open only 25,000 square feet of additional gaming space by the end of this September, a little more than 20 percent of the planned 123,000-square foot expansion that had been previously announced. The addition will include 25 table games, 200 slot machines and a restaurant.

"The company said newly restrictive visa requirements imposed by the Chinese government have affected visitation to Macau from Guangdong province in the past few weeks.

"Also, Wynn Resorts said it was concerned about the market impact by the scheduled August opening of the $2.4 billion Venetian Macau and the planned November opening of the $1.1 billion MGM Grand Macau.

"Wynn Resorts Chairman Steve Wynn said the company was taking a cautious approach despite results in the second quarter that 'significantly exceeded expectations.' Wynn won't release those earnings publicly until late July or early August...."