Wynn Macau ups borrowing by $2.3B for new resort

11:17 PM, Jul 31, 2012   |    comments
Getty Images: Christopher Furlong
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HONG KONG -- U.S. billionaire Steve Wynn's Macau casino company says it will borrow up to $2.3 billion to finance construction of its next resort in the world's biggest gambling market.

Wynn Resorts Macau SA said Wednesday it's expanding its secured loan and credit facilities to fund the design, development and construction of the Wynn Cotai casino resort. The development is expected to cost $3.5 billion to $4 billion.

Wynn unveiled details in early June of the project, which will include a casino and 2,000-room five-star hotel, shopping, restaurants and convention space.

The company said it's still working on a final design and schedule for the project.

Macau's casino revenues jumped 42 percent last year to $33.5 billion, more than five times that of Las Vegas.

The Associated Press

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