Steve Wynn opens doors on new Macau resort

 
Hayley Kirton
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Steve Wynn described the resort as a "gift to the community, to the public" (Source: Wynn Resorts)

Casino tycoon Steve Wynn has today opened the doors of his latest resort in Macau.

Wynn Palace, which is located in Cotai, cost $4.2bn (£3.2bn), boasts an eight-acre Performance Lake and fountain show and houses an art collection that was collated over a six-year period and is worth over $125m.

"Wynn Palace is arguably the most beautiful hotel in the world, which is a wonderful thing to be able to say," said Wynn. "But it is not in London, Paris, New York or Rome. It is in Cotai, in Macau, and sits here for all the world to come and see.

"It's our gift to the community, to the public. It will be here forever and it's perhaps unlikely we'll see a place of this scope and artfulness in our lifetimes again."

However, investors seemed indifferent to the hotel's launch. Shares in Wynn Resorts are currently trading down 0.2 per cent at $96.92 in after hours trading.

Macau, which was a Portuguese colony until 1999, is the only part of China where casinos are legal. However, government is currently pressuring gambling companies with further regulation.

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