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Wynn Macau Announces Expansion Plan Two Months After Opening
Wynn Resorts Ltd. has seen their stock prices climb to a 52-week high following announcements that the company is planning to expand the two-month old Wynn Macau casino and resort.
The new renovation will be called the Wynn Diamond Suites Hotel and will include a casino, retail stores, and restaurants in an effort to entice even more tourists and high rollers to Macau. Macau became the world's largest gambling city in October with an income that exceeded that of Las Vegas.
Wynn Macau opened their first phase on September 6, 2006. They reported a casino generated net revenue of $45 million and $2.3 million in earning their first 25 days of operation. They reported a $43.1 million operating loss in the third quarter in contrast to $8.6 million in losses the prior year.
However, the Wynn company is not the only one to make news. Steve Wynn himself was featured in the news last month when he accidentally damaged a famous painting. Wynn was planning to sell Le Reve, a Picasso painting, for $139 million when he accidentally punched a hole in the painting.
Sunday, December 03 , 2006
Brian Letendre