Wynn Macau is planning to purchase a land concession on the Cotai Strip for approximately 400m patacas ($50m) on which it plans to build a new property.
The company signed an agreement with an unrelated third party in 2008 to make the payment in exchange for the other party’s relinquishment of certain rights to any future development on the 52-acre parcel of land.
It has now applied to the government of Macau for the land concession and will make the payment within 15 days of its rights to the land being published in the enclave’s official gazette.
"The company continues to work on the concept and design of this property, but cannot prepare a final timeline or budget until government approval on the land concession has been received," Wynn said.
