Wynn to buy Cotai site
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.