Two Way Hard Three | Las Vegas Casino & Design Blog

September 11, 2011

LVRJ: Wynn Cotai Moving Forward

Posted by Hunter

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:


Read archived comments (6 so far)
September 12, 2011 2:26 AM Posted by detroit1051

Very interesting. Now that Wynn Cotai is officially going to move forward, could stevecovington's comment on the Vegas Gang Podcast post come to fruition? With Cotai, Steve has truly become a Chinese company, although I find it ironic to read, "Wynn Macau, Limited (incorporated in the Cayman Islands with limited liability)". Yeah, I know it's standard operating procedure.

September 12, 2011 4:16 AM Posted by Jeff in OKC

I don't buy any of the Wynn Selling out in Vegas biz, not for a second. Las Vegas is Wynn's home and he makes money there and he has the freedom to complain about anything at anytime there. He can't do that last part in China. I'm starting th think some of the changes that have people talking are ways of De-Elaining the property. Maybe she was closest to the Stratta dining choices and Blush, as well. It's a pretty sure bet many of the executives were very close to her and aren't as comfortable there without her acting as a buffer.

It does seem that Wynn going after younger money has been very successful. It seems logical that they will continue down that path. I'm only half-joking when I say the EBC crowd are the same people Steve Wynn targeted with "Treasure Island: The Adventure Continues". Talk about customers for life. And they're good looking, with money!

My opinion is that SW is much more occupied with the massive riches available to him in China, but WLV is home and always will be. He just might not be as involved in the daily operation.

September 12, 2011 9:55 AM Posted by stevecovington

I'll be interested to see what this property ends up looking like since the company keeps saying it's the best they've done. I might actually have to make a trip to China one day to see it, if there's a huge lack of photos like there is of Wynncore Macau.

The bad news is, The Steve will be focused on China for the next 5 years as Winn continues to do her thing in Vegas. I know she can't be blamed for everything as ultimately it's Steve's final say, but I just can't help but wonder what Wynn and Encore will be like 5 years from now.

I was only half joking about Caesars taking over Wynn Las Vegas as it's been mentioned countless times before, but it does seem as if something big may happen if Wynn completely loses his focus on Las Vegas and someone comes in and buys out everyone's shares. How much stake does Elaine have in the company? I know it was discussed in length when they initially filed for divorce, but would she be able to leverage a takeover with Steve being able to do nothing about it? It seems like anything is possible with China clearly Steve's government of choice.

If the high rollers start playing and staying elsewhere should Sinatra turn into a burger joint, would the current clientele of EBC-goers be enough to support it? How long before their trust funds run out or they're all bankrupt from a life of HEAVY excess and maxed out credit cards. I just can't see bottle service being the real future of Las Vegas.

Wow. I have really strayed off topic, sorry about that.

September 12, 2011 10:02 AM Posted by Hunter

They have the same number of shares but the divorce agreement specifically bars her from voting against Steve. Basically, he controls the voting rights for her shares.

September 12, 2011 5:45 PM Posted by stevecovington

Ouch. Pretty raw deal for Elaine. Perhaps she'll get more control after their next divorce.

September 14, 2011 1:50 AM Posted by Paolo

@stevecovington hahahahaha +1 on that last comment!