LAS VEGAS, May 04, 2005 (BUSINESS WIRE) -- Wynn Resorts, Limited (Nasdaq:WYNN) announced today preliminary plans for the expansion of its Wynn Macau resort, currently under construction in the Macau Special Administrative Region of the People's Republic of China. The resort, which is scheduled to open in the third quarter of 2006, will initially utilize approximately 11 acres of approximately 16 acres of land leased from the government of Macau, and will consist of approximately 600 hotel rooms; approximately 100,000 square feet of casino gaming space featuring 200 table games and 350 slot machines; seven restaurants; approximately 28,000 square feet of retail space; a spa; a salon; and entertainment facilities. The expansion plans call for an additional 85,000 square feet of casino space featuring approximately 150 additional table games, 500 more slots and a sports book; two additional restaurants; a theater; and a dramatic front feature attraction at the entrance of the expansion. The expansion will be built on the remaining 5 acres of the Wynn Macau site and is planned to seamlessly integrate into the Wynn Macau property. The Company intends to begin construction of the expansion in the third quarter of 2005 and open the expansion in first half of 2007.
The preliminary budget for the expansion is approximately $345.0 million. The Company intends to increase its current Wynn Macau senior debt facilities to fund the expansion and has engaged Deutsche Bank, Societe Generale and Bank of America to arrange that financing.
This press release contains "forward-looking statements" within the meaning of the federal securities laws. The forward-looking statements in this press release involve risks and uncertainties which could cause actual results to differ from those expressed in or implied by the statements herein. These risks and uncertainties include, but are not limited to, competition in the casino/hotel and resorts industries, completion of Wynn Macau on time and within budget, doing business in foreign locations such as Macau (including the risks associated with Macau's developing gaming regulatory framework), new development and construction activities of competitors, our dependence on a limited number of properties for all of our cash flow, leverage and debt service, levels of travel, leisure and casino spending, applications for licenses and approvals under applicable jurisdictional laws and regulations, the impact that an outbreak of an infectious disease or a natural disaster may have on the travel and leisure industry. Additional information concerning potential factors that could affect the company's future results is included under the caption "Risk Factors" in Item 2 of Wynn Resorts' annual report on Form 10-K for the year ended December 31, 2004.
Wynn Resorts is traded on the Nasdaq stock exchange under the ticker symbol WYNN and, since December 2004, it has been part of the NASDAQ-100 Index. Wynn Las Vegas, a $2.7 billion luxury hotel and destination casino resort located on the Las Vegas Strip, opened to the public on April 28, 2005. Wynn Las Vegas features 2,716 luxurious guest rooms and suites; an 111,000 square foot casino; 22 food and beverage outlets; an on-site 18-hole golf course; approximately 223,000 square feet of meeting space; an on-site Ferrari and Maserati dealership; and approximately 76,000 square feet of retail space. For more information, visit www.wynnlasvegas.com.
SOURCE: Wynn Resorts, Limited
Wynn Resorts, Limited, Las Vegas
Samanta Hegedus Stewart, 702-770-7555 email@example.com