Wynn to Expand Planned Macau Resort
Wynn Resorts Ltd. to Spend $345 Million to Expand Planned Macau Resort LAS VEGAS (AP) -- Wynn Resorts Ltd. said Wednesday that it plans to spend about $345 million to expand its Wynn Macau resort, currently under construction in China.
The resort is scheduled to open in the third quarter of 2006. Original plans call for a resort consisting of a 600-room hotel, a casino, seven restaurants, retail space, a spa, a salon and entertainment facilities on 11 of 16 acres leased from the Macau government. Wynn said the expansion will add 85,000 square feet of casino space, two additional restaurants, a theater and an entrance attraction.
The company said the expansion will be built on the remaining five acres of land, and that construction will begin in the third quarter, with the opening of the expansion slated for the first half of 2007.The company plans to increase its senior debt line to fund the expansion, and has engaged Deutsche Bank, Societe Generale and Bank of America to arrange the financing.Wynn also operates a luxury hotel and casino resort in Las Vegas. Wynn Resorts shares rose 52 cents to $47.82 in midday trading on the Nasdaq.
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