Wynn Macau has signed a land concession contract from the government of Macau for the development of a new casino resort in the Chinese Special Administrative Region.

Under the terms of the new deal, Wynn Macau has secured around 51 acres (20.6 hectares) of land in the Cotai area and will develop the site alongside Palo Real Estate Company. Facilities at the new Wynn Macau resort will comprise a five-star hotel; gaming areas; and a spa, along with retail, entertainment, food and beverage outlets.

The Macau government will receive around MOP1.5bn (£118m, EUR136m, US$187m) for the land, which will be payable through a down payment and eight semi-annual payments. A spokesperson for Wynn Macau said: "The Macau government has allocated Palo a maximum of 60 months from the date the Land Concession Contract is published in the official gazette of Macau to complete development of the Cotai Land."