Wynn Resorts has announced that it will expand in the largest gambling market in the world, Macau, China. It stated that it has planned a $2 billion Crystal Pavilion that will be located next to the Wynn Palace that already exists there. The lavish entertainment company has further stated that construction is anticipated to begin in the year 2021. Also, Wynn’s announced the new pavilion will be open to the public in 2024. With the construction of the new Pavilion, the company is said to anticipate a 20% return on investment.
Wynn Resorts mentioned that the Crystal Pavilion will be a tourist attraction in the area. Matt Maddox, CEO of Wynn Resorts, is said to be pushing for the project. This is despite the trade tensions currently dominating market news. The company is also looking to get a gambling and casino license in Japan. Wynn’s is also planning a renovation to its current Macau resort that is set to be worth $125 million, (NZD$187, million).
Wynn Resorts Details New Crystal Pavilion
In the statement obtained by media outlets, Wynn Resorts has stated that the crystal pavilion will constitute of a steel structure featuring glass design. The structure of the pavilion was designed by architect, Robert A.M. Stern. The Pavilion will entail two hotel towers with an estimated 1300 hotel suites. According to a report released by J.P Morgan, the structure and design of the pavilion are inspired by the shape of a water lily. The project will be broken into two phases. The first set to take up 7.47 acres and the second set to take up 4.1 acres.
The construction of the Wynn Resorts Crystal Pavilion will include a museum and lavish gardens. It will also include a theatre with the potential addition of an art museum. There will be two restaurants that will be added next to the casino. The plans announced by Wynn Resorts are said to include a potential return on Investment valued at 20%. This is calculated to earn the company up to $400 million, NZD$599 million, in additional profits.
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