Bloomberg News

Macau Anti-Graft Agency Probes Wynn Palace Land Deal

July 11, 2014

Macau’s anti-corruption agency is investigating a land deal in connection to Wynn Resorts Ltd. (WYNN:US)’s construction of a new resort-casino on the Cotai Strip.

“Since the case is now under investigation, the CCAC has no further comments,” the Commission Against Corruption of Macao SAR said in an e-mailed response.

Michael Weaver, a spokesman for Wynn Resorts, said in an e-mail that the company has not been contacted by any authorities regarding an investigation.

The Macau Business newspaper reported today that the agency is investigating why Wynn Resorts was made to pay 400 million patacas ($50 million) for the land rights, citing Commission Chief Fong Man Chon.

Wynn Resorts had to buy the rights from certain mainlanders, though the Land Public Works and Transport Bureau said it wasn’t aware about their involvement, according to the Macau Business report.

Macau, the world’s largest gambling hub, is the only place in China where casinos are legal. Mainland Chinese tourists accounted for two-thirds of the total visitors to the former Portuguese enclave in the first quarter.

To contact the reporters on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net; Clement Tan in Hong Kong at ctan297@bloomberg.net

To contact the editors responsible for this story: Stephanie Wong at swong139@bloomberg.net Chua Kong Ho


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Companies Mentioned

  • WYNN
    (Wynn Resorts Ltd)
    • $218.07 USD
    • -0.54
    • -0.25%
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