Gaming operator Wynn Macau announced today that the local government has approved the revision of the land concession contract for Wynn Palace, allowing the company to build a new hotel complex featuring a performance hall and event center.
In a statement sent by Wynn Macau to the Hong Kong Stock Exchange, the concessionaire notes that the decision was also published today in the Official Gazette and fully replaces the original contract signed in 2012.
Subsidiary Palo Real Estate Company Limited has 60 months, starting today, to complete the project in Cotai, the area of Macau where most of the territory’s hotel-casinos are located.
The contract provides for the payment of an additional premium of 652.3 million patacas (70.8 million euros), in addition to a revised annual rent of 9.48 million patacas (1.02 million euros). Palo will also have to provide a guarantee equivalent to the amount of the rent.
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According to the dispatch published in the Official Gazette of the Macau Special Administrative Region, the expanded complex, on a 205,797-square-meter (m²) plot of land, includes a five-star hotel with gaming areas, a convention center, retail, dining, a spa, a nightclub, a performance hall, and an event and entertainment center—with a total of 534,105 m²; a parking garage (69,467 m²), the International Spectacle Theatre (8,787 m²), and an open area (93,904 m²).
The concession remains valid until May 1, 2037, with the possibility of renewal.
As the gambling capital of the world, the semi-autonomous city is the only place in China where casino gambling is legal.
Six concessionaires operate in the territory—MGM, Galaxy, Venetian, Melco, Wynn, and SJM—which renewed their concession contracts in December 2023 for the following ten years, effective since January 1, 2024.
