MACAU, June 5 (Reuters) - U.S. casino magnate Steve Wynn, head of Wynn Resorts Ltd and Wynn Macau Ltd, said on Tuesday that the company’s latest casino resort in the former Portuguese enclave will cost $4 billion, as it bets on continued growth in the world’s largest gambling destination.
In a media briefing at Wynn’s Macau casino, the 70-year-old chairman and chief executive added that the property would provide a return on investment despite the current economic climate.
Wynn is betting on business in Macau to drive growth in his casino empire and help make up for flagging revenue at the company’s Las Vegas operations.
Macau, located on the tip of China’s southern coast, has been a boon for casino operators, raking in more than five times the revenue that Vegas does as mainland visitors flock to the only Chinese city where they can casino-gamble legally. (Reporting By Farah Master; Editing by Anne Marie Roantree and Chris Gallagher)