Wynn Macau Resorts
Early September 2004, after 15 months of structuring, Wynn Macau Resorts has finally closed its first round of senior funding.
The facility is split into a US dollar tranche and a Hong Kong dollar tranche and both are further divided into a project facility and a hotel facility.
Steve
Wynn (born January 27, 1942 in New Haven, Connecticut) is a casino
resort developer.
He is credited with spearheading the dramatic expansion of Las Vegas, Nevada in the 1990s.
Wynn's father, who ran a string of bingo parlors in the eastern United States, died shortly before Wynn graduated from the University of Pennsylvania in 1963.
Wynn took over running the family's bingo operation in Maryland. He did well enough at it to accumulate the money to buy a small stake in the Frontier Hotel and Casino in Las Vegas, where he and his wife, Elaine, moved in 1967.
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Dealing with Caesars Palace
Wynn managed to parlay his profits from a land deal in the early 1970s (the deal involved two established titans of the Las Vegas casino business, Howard Hughes and Caesars Palace into a controlling interest in a dusty downtown casino, the Golden Nugget Las Vegas.
Wynn renovated, revamped and expanded the Golden Nugget with enormous success, in the process attracting a new upscale clientele to downtown Las Vegas.
Mirage Resorts, Inc.
His first major Strip casino, the Mirage, set a new standard for size and lavishness, with construction costs to match.
Featuring an indoor forest and an outdoor "volcano," and with high quality room appointments and an emphasis on service, the Mirage was another great success.
Bellagio Resort
Wynn expanded further on his concept of the luxury casino in the later Bellagio resort , including an artificial lake, indoor conservatory and an art gallery in which Wynn displayed museum-quality artworks, and branches of high-end boutiques and restaurants located in Paris, San Francisco or New York.
Wynn's company, Mirage Resorts, Inc., also developed casino/hotels in other locations around the US. Mirage Resorts was sold to MGM Grand in 2000, to form MGM Mirage.
With the money he made on that deal, and with his ability to secure ever-greater financing, Wynn has begun a new resort, his largest yet, the Wynn Las Vegas, which is scheduled to open on the former site of the Desert Inn in spring of 2005
Wynn Macau Resorts
Wynn Macau will be a hotel, shopping and destination gaming resort on a 16-acre site. With 600 rooms and 100,000 square feet of gambling space, it will be one of the biggest such casino complexes in Asia.
The total project cost is expected to be $700 million, with roughly 50% of the cost coming from the shareholders' equity and 50% through this debt facility.
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