Wynn Macau (1128.HKG), part of gaming giant Wynn Resorts (WYNN .NASDAQ) won approval to develop a new casino in the up-and-coming Cotai area in Macau, The Wall Street Journal reported. Wynn Resorts was granted land rights to a 51-acre space to develop a five-star hotel, gaming area, as well as shopping and dining facilities and a spa and nightclub. Steve Wynn, head of Wynn Resorts, said that “[the Cotai development is] the single most important project in the history of Wynn Resorts.” The resort is set to open in 2015 or 2016, and will cost around US$2.5 billion. In 2010, Mr. Wynn told investors that he had completed designs for the complex in Cotai and submitted an application for land approval, but the Macau government held off approving news projects.
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