THE M3: WYNN COTAI; PONTE 16 3RD PHASE

The Macau Metro Monitor, June 5, 2012

 

 

WYNN COTAI TO BE READY IN 48 MONTHS:  STEVE WYNN Macau Business

Wynn Cotai will take between 46 and 48 months to be fully ready and open.  Steve Wynn said the new casino resort will cost around US$4 billion (MOP32 billion).  Wynn is confident that the government will facilitate the hiring of imported labour given that Macau’s unemployment rate is virtually non-existent.  He also said the company will issue in the future more dividends but refused to give more details

 

PONTE 16'S THIRD PHASE TO GET GOV'T OK SOON:  HOFFMAN MA Macau Business

Hoffman Ma Ho Man, the deputy CEO of Ponte 16, says the third phase of the casino hotel should get government approval soon.  “We hope it arrives in June. We want to start construction still within this year.”  The third phase of Ponte 16 will feature a riverside commercial complex with a total floor area of approximately 40,000 square metres.  The complex will also include space for the expansion of gaming areas and car parks, with construction expected to be completed by 2014.

 

Pier 16 – Property Development Ltd, the owner of Ponte 16 casino resort, announced in April the signing of HK$1.9 billion (US$245 million) and RMB400 million (US$63.6 million) five-year syndicated loan facilities with 11 financial institutions.  Part of the proceeds are to fund the construction of the third phase of the Ponte 16 development.


Ponte 16 is a joint venture between SJM Holdings Ltd and Success Universe Group Ltd at the ratio of 51% and 49% respectively.


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