Wynn Resorts announced the completion of its sale of its subconcession right to an affiliate of Publishing and Broadcasting Limited for US$900 million in Macau.
The subconcession right permits the PBL affiliate to receive a subconcession from the Macau Special Administrative Region of the People's Republic of China to conduct gaming operations in the Macau SAR.
"With the government of the Special Administration Region, we believe that PBL will make a positive contribution to the future of Macau. We also recognize that the growth of healthy tourism in this city is the result of the wisdom of the Central Government's policy of 'One Country Two Systems.' Today's progress is a direct result of that policy," said Steve Wynn, Chairman and CEO of Wynn Resorts.
On September 6, 2006, Wynn Macau, a destination casino resort in the Macau Special Administrative Region of the People's Republic of China, opened. It features 600 deluxe hotel rooms and suites, approximately 220 table games and 380 slot machines in approximately 100,000 square feet of casino gaming space, seven restaurants, approximately 26,000 square feet of retail space, a spa, a salon, entertainment lounges and meeting facilities.