Wynn says it expects Encore at Wynn Macau, the VIP extension to Wynn Macau’s capacity, to cost USD700 million.
The company added the budget was yet to be finalised, but it anticipated the project will be funded from cash on hand and cash flow from Wynn Macau.
Wynn said that as of 31st December 2008, it had spent USD202 million on development and construction of the project. Encore at Wynn Macau will add a fully-integrated resort hotel to Wynn Macau, with approximately 400 luxury suites and four villas along with restaurants, additional retail space and additional VIP gaming space. It is scheduled to open in 2010.
Wynn Resorts Ltd said in its annual results that total cash balances on 31st December 2008 were USD1.1 billion. Total debt outstanding at the end of 2008 was USD4.3 billion, including approximately USD2.8 billion of Wynn Las Vegas debt, USD1.1 billion of Wynn Macau debt and USD375 million outstanding under the Wynn Resorts Term Loan Facility.