The Las Vegas Review-Journal is reporting that Wynn Resort's Cotai project in Macau is moving forward. The project has been described by Steve Wynn as the 'best thing I've ever done'.
The second Macau hotel for Wynn Resorts has been long on the drawing board. Designs have supposedly been completed for many months - several quarterly calls have been punctuated by the company expressing their ability to start whenever they had their land concession and project approved.
It appears that has finally occurred.
According to Wynn's Macau subsidiary's financial disclosures, this will mean a $50MM payment will be made for the land in the next 15 days. The RJ sites a $193.43MM payment but from their story it's not clear how they arrived at that figure - perhaps some combination of the relinquishment in the linked disclosure and additional fees? [UPDATE: see the release linked below]
This is a major step forward for Wynn Resorts who have been waiting to proceed on this site for some time.
UPDATE: The Wynn Macau release is here: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MTA2NjUwfENoaWxkSUQ9LTF8VHlwZT0z&t=1