Wynn Macau Ltd announced this past Wednesday that it is intending to spend somewhere between as much $3.5 and $4 billion in order to develop its flagship casino resort in Cotai in Macau. The Hong-Kong listed firm says that the brand new project is set to play home to a five star hotel that will have as many as 2000 state of the art hotel rooms and suites in addition to convention, dining, entertainment and retail operations. The company has said that work on its final design and schedule is currently in the process of continuing as the new project is being developed.
It was just three months ago, back in May, when the Macau government gave Wynn the approval it had been hoping for in terms of the Cotai land concession. This paves the way for the company to be able to break all new ground on the site, which spans 51 acres of land in total.
Wynn announced the news this week regarding its project in Cotai in a statement that also disclosed the changes that have been made to its credit facilities, which has resulted in the growth of its senior secured bank facility of the equivalent of $2.3 billion in total. It intends to use the new borrowings to refinance its existing debt in order to fund the new project’s development, the company says.