To pay 400 million Macau patacas (US$50 million) to a third party for land concession
Wynn Macau plans to pay 400 million Macau patacas (US$50 million) to an unrelated third party for a land concession on the Chinese peninsula’s Cotai Strip.
Subsidiaries of Wynn Resorts will make the one-time payment in return for the seller’s relinquishment of certain rights in and to any future development on the 52-acre site, the company said in its latest quarterly report.
Wynn Macau has applied to the government for a land concession close to City of Dreams and has already put fences around it. The company “is awaiting final government approval on the concession,” the filing said.
Wynn to buy Cotai site
August 11, 2010