THE MACAU METRO MONITOR, JULY 19, 2013
WYNN REPORTS COST OVERRUN ON COTAI PROJECT Macau Business
Preconstruction costs on Wynn Cotai casino resort have exceeded the initial estimates by more than 5%, Wynn Macau said. The “additional works” were expected to bring the total costs incurred by its contractors to about HK$1.59 billion (US$204.2 million) by the end of this month.
In January, Leighton Contractors (Asia) Ltd said Wynn Macau had selected it to design and build the Cotai casino-resort and the “first component of works” would cost A$222 million (US$203.5 million at current exchange rates).
"BROKEN TOOTH" PLEDGES TO RETURN TO THE GAMING INDUSTRY Macau Daily Times
Macau former triad head Wan Kuok-koi, better-known as “Broken Tooth Koi” conceded an interview to a HK media outlet and revealed his ambition to step back into the gaming business.
Asked what he plans to do in the future, Wan said he would talk with people to know more about what’s happening. “I don’t have much time. If I act slowly now, I will be slow. (I will join) the gaming industry, of course. There will be a new casino hall open next month. But there will not be any ceremonies, just to be low profile. I will not manage that personally.”
RESORTS WORLD MANILA TO GET US$600 MLN UPGRADE Macau Business
Travellers International Hotel Group Inc will spend US$600 million (MOP4.8 billion) to expand its Manila casino resort in the next three years, saying the postponement of its US$1-billion IPO will not delay its investment. Travellers, a joint venture by casino operator Genting Hong Kong Ltd and Philippine conglomerate Alliance Global Group Inc, said it could borrow the money while it waited to list its shares.
The company deferred its planned listing until September or October because of market volatility. The proceeds will fund an expansion of Resorts World Manila that should be completed by 2016.