Wynn Resorts have announced the further expansion of Wynn Macau. This new expansion will add a second self-contained, fully integrated resort hotel with all related amenities including food and beverage, retail, entertainment and a casino to the existing property.
Certain portions of the gaming area of the new hotel are part of the previously announced expansion of Wynn Macau, which is expected to open as soon as Chinese New Year in February 2007, less than 90 days from now. These gaming areas are included in the previously announced $1.2 billion budget for Wynn Macau. The new games will be operated in the short term as a second phase of its existing hotel casino until the balance of the project is completed.
The new hotel is currently scheduled to carry the name “Wynn Diamond Suites,” reflecting the all suite character of its room inventory. The final statistics concerning key total and related budget information will be available as soon as the budgeting process has been completed, which we expect to be in the second quarter of 2007. Financing for the new hotel is yet to be arranged and requires the approval of our existing lenders.