SYDNEY: Australian firm Publishing and Broadcasting Ltd (PBL) said it has concluded a gaming subconcession agreement with Wynn Resorts of Macau with the approval of the Macau government under which it will have authorization to operate casinos in Macau. The company has paid $900 million to Wynn Resorts for the subconcession.
PBL has a joint venture partnership with Melco International Development Ltd to run the casinos. The company expects the transfer of the subconcession to the joint venture later this month.
PBL executive chairman James Packer said PBL and Melco are now engaged in the development of three new properties in Macau. He added this is the last gaming subconcession the Macau government will be sanctioning under its policy.
The joint venture plans to open its first project, Crown Macau, a six-star hotel cum casino, in April 2007 and a hotel, casino, retail and entertainment complex in late 2008. It has also finalized contracts to acquire a site on the Macau Peninsula to build a third hotel-casino aiming to complete it by 2009.
Macau, which comprises a peninsula and two islands off the southeastern Chinese coast, is the only area in China where casinos are allowed to be set up.
