Steve Wynn’s new Macau casino business will be “the work of a lifetime” whilst at the same time honoring China. Wynn, and his long-standing interior designer Roger Thomas, spoke to Las Vegas Review-Journal’s Norm Clarke about the $4 billion resort that he hopes will build on Wynn Macau’s position in the enclave. Thomas said the resort will “pay homage to this great and extraordinary culture”, with Wynn’s vision to “decorate the place with what reminds people they are in China and that these things are a part of their history”. It gives Wynn the chance to finally use the four porcelain vases that he purchased for a tidy $13 million for. After all the only other person that owns one of those is the Queen. Could this make Wynn, King of Macau? Only time will tell.
Financing the new project is a $1.5 billion credit facility that will be part $1 billion revolver and $500 million term loan, both maturing in 2018. Ratings agency Fitch rates it at ‘BBB-‘ as the facility is, as they put it, “well overcollateralized”.
Sands China legal advisor Leonel Alves has professed that his “conscience is clear” in relation to a payment request made by a Beijing official to the company. Alves told the Wall Street Journal that it’s “a complete nonsense”, before adding: “The report is not accurate and [the information] is taken out of context.” The email the WSJ received, which Alves didn’t confirm or deny sending, relates to a $300million payment request that the official involved suggested would secure a site adjacent to Sands’ Venetian resort.
Visitors to Macau spend an average of almost $2,000 on gambling when in the enclave. Macau Business cite the Macau Visitor Profile Study, which states gamblers set aside an average MOP15,257 (US$1,907) for gambling alone when in Macau. Breaking it down even further, over a fifth had set aside upwards of MOP10,000 with 62.4 percent stating their budget was less than MOP5,000. The 7,314 visitors surveyed over the course of 2011 spent an average of 4.7 hours gambling and 46.7 percent had gambled during the visit when they were questioned or intended to do so.
