Wynn sells concession for China

Publishing and Broadcasting Limited has signed an agreement to purchase a subconcession from Wynn Resorts in Macau, China for $900 million.The subconcession will allow PBL to own and operate hotel casino resorts in Macau SAR. This transaction is subject to Macau government approval.
“Because of our current focus in Macau, our Board of Directors decided that any decision we make must enhance the vitality and future of Macau,” said Steve Wynn, Chairman and CEO of Wynn Resorts. “Making it possible for PBL to enter was a positive and dynamic step toward upgrading and expanding the quality of investment in Macau. What’s good for Macau is good for Wynn Resorts. This transaction was appealing from a financial perspective and most importantly sets the stage for other activities done in conjunction with PBL in Asia and around the world.”
“Macau remains one of the most dynamic gaming markets in the world and a subconcession allows PBL to actively participate in the extraordinary growth of the Macau market,” said James Packer, Executive Chairman of PBL. “Our company has a long-standing relationship with Steve Wynn and this transaction will hopefully be the first of many. I value the relationship enormously.”