Wynn Macau gets approval for new Casino on Cotai strip
Wynn Macau, the Chinese arm of Wynn Resorts, has received an approval from the government to start construction of its new casino on Macau's Cotai strip.
The approval is key to Wynn's efforts to expand its operations in Macau, where it already operates a casino.
The firm's rivals, including Las Vegas Sands and Galaxy Entertainment, have already opened new projects on the strip.
Macau is the world's largest gambling market.
Gaming revenues in the territory rose 42% last year to $33.5bn (£21.4bn), almost six times that of Las Vegas and are expected to increase further.
"The official transfer of real estate in Cotai makes possible the commencement of the construction phase, of what will be the single most important project in the history of Wynn Resorts," Stephen Wynn, chairman and chief executive of Wynn Resorts, said in a statement.Destination Cotai?
The Cotai strip, an area of reclaimed swampland in Macau, has become the destination-of-choice for casino operators in the territory.
Firms have been looking to expand their operations on the strip, opening up new projects that offer a mix of shopping, entertainment and gambling in a bid to attract more consumers.
Last month Las Vegas Sands opened up a $5bn resort there.
At the same time, Galaxy Entertainment announced that it will invest more than $2bn to double the size of its current resort in Cotai. The firm plans to open the new phase by mid-2015.
Though Wynn Macau did not give details of its proposed development, it had mentioned in its annual report released last month that the resort would have "a casino, approximately 2,000 hotel suites, convention, retail, entertainment and food and beverage offerings".