Bloomberg News

Wynn Resorts Says It’s Cooperating With Macau’s Anti-Graft Body

July 23, 2014

Wynn Resorts Ltd. (WYNN:US) said it has been contacted by Macau’s anti-corruption agency regarding the company’s land purchase for its new resort-casino on the Cotai Strip.

“We are working cooperatively with” the city’s Commission Against Corruption, the Las Vegas-based company said in an e-mailed reply to questions yesterday.

The Macau Business newspaper reported July 11 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 of their involvement, according to the Macau Business report.

The anti-graft body had declined to comment on the report as the case is under investigation.

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 reporter on this story: Vinicy Chan in Hong Kong at vchan91@bloomberg.net

To contact the editors responsible for this story: Stephanie Wong at swong139@bloomberg.net Greg Ahlstrand


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Companies Mentioned

  • WYNN
    (Wynn Resorts Ltd)
    • $189.51 USD
    • 1.86
    • 0.98%
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