Image: Wynn's Cotai Strip land reserve in Macau

Wynn Macau, the China-based subsidiary of US-based casino operator Wynn Resorts, has confirmed it has gained approval for its new Cotai scheme from the Special Administrative Region's government.

The company said the announcement paves the way for construction to begin on the 51-acre (20.6 hectares) Cotai Strip development after securing the official transfer of real estate.

Facilities at the new Wynn Macau resort will comprise a five-star hotel; gaming areas; and a spa, while retail, entertainment and food and beverage components will also form part of the scheme.

It is thought the Macau government will receive MOP1.5bn (US$188m, EUR143m, £116m) for the land, which will be payable through a down payment and eight semi-annual payments.

Wynn Resorts chair and CEO Stephen A Wynn said: "The official transfer of real estate in Cotai makes possible the commencement of the construction phase, of what will be the single most important project in the history of Wynn Resorts.

"We will remain consistent to the history of our organisation by bringing to life a hotel resort in Cotai that will mark a new standard of elegance in the world."

Wynn Macau already operates a resort in Macau, which opened in 2006 and boasts two health clubs and spas, a salon, a swimming pool, gaming areas and two hotel towers with more than 1,000 bedrooms.

Details: www.wynnmacaulimited.com

Image: Ngchikit