Wynn Palace

Not to be confused with the Wynn Macau resort.
Wynn Palace

Wynn Palace six months before opening
Location Cotai Strip, Macau, China
Opening date 22 August 2016
Theme Floral
Number of rooms 1,700
Total gaming space 350 tables
Signature attractions 8-acre performance lake, SkyCab gondolas, retail, dining, entertainment venues
Notable restaurants Wing Lei, SW Steakhouse, Red 8, Fontana Restaurant
Casino type Land-based
Owner Wynn Resorts Limited, Wynn Macau limited[1]
Architect Wynn Design & Development[2]
Website WynnPalace.com

Wynn Palace, also referred to as Wynn Palace Cotai,[3] is an integrated resort owned and operated by Wynn Resorts in Macau, China. As the company's first resort on the Cotai Strip and third skyscraper in Macau,[2][4] Wynn Palace will feature a luxury hotel[5] with 1,700 rooms,[6] a casino, an 8-acre performance lake, gondolas, meeting facilities, spa and salon, and retail and dining venues.[2][4] With 29 floors[7] and a construction floor area of around 450,000 square meters,[5] Steve Wynn has described it as "the most aggressive, ambitious and lovely project" undertaken by Wynn Resorts.[8] It is estimated that construction of the overall development will cost USD $4.1 billion.[2] After construction commenced in 2013, Wynn Palace was initially scheduled to open on March 25, 2016. This date was later changed to June 25, 2016 due to general construction delays.[2] Opening date was on August 22, 2016.[6] On January 28, 2016, Forbes described Wynn Palace's then upcoming debut as one of the "20 Most Anticipated Hotel Openings Of 2016."[9]

History

Proposal and design stage (2008-2011)

See also: Wynn Macau
Wynn Macau Ltd's land reserve on Cotai Strip in 2011, showing the plot before the start of construction on the Wynn Palace.

In 2006, the hotel and casino Wynn Macau was launched in the city of Macau by Wynn Resorts, a Las Vegas-based hospitality and development company.[10] Wynn Macau, Ltd became a subsidiary of Wynn Resorts, with Wynn Resorts owning 72.2% of Wynn Macau, Ltd.[11] The Wynn Macau was also a set for the James Bond film Skyfall.[10] Following the opening of Wynn Macau, Wynn Enterprises expressed interest in opening a second resort nearby and began looking into land on the Cotai Strip, which is similar to the Vegas Strip in its focus on luxury casino-hotels and entertainment.[12]

In 2008, Wynn Resorts paid USD $50 million to Tien Chiao Entertainment and Investment Company Limited "in exchange for the company relinquishing its rights to what is now Wynn's Cotai site,"[13] a 52-acre (210,000 m2) plot in close proximity to casinos such as City of Dreams, Las Vegas Sands, St. Regis Macao and Sheraton Resorts.[14] Steve Wynn, the chairman and chief executive officer (CEO) of Wynn Resorts, announced in mid-August 2010 that he would be building a new casino-resort on the plot,[14] and that the Cotai project could break ground in March or April 2011, or as soon as the building’s design was completed.[14] He estimated that the resort could open within five years after the start of construction.[15] The overall development was initially projected to cost over MOP 20 billion,[15][16] and would more than double the operator's hotel rooms in the special administrative regions of China (SAR). The development's designs were advanced throughout 2010 and early 2011.[15]

Land concession contract (2011)

As of May 16, 2011, Steve Wynn was expecting the Government of Macau to approve the application for the Cotai resort shortly,[16] with costruction to begin right after.[15] Wynn stated to the press in May 2011, "I believe the Cotai project is the best work we have done... it has many new things and new approaches to the way the property is presented.... now that we have nine years of experience in Macau, as you saw with [Encore at Wynn Macau] we are learning how to really address the emotional and physical needs of our guests."[15] At the time, Wynn estimated that the proposed hotel-casino would need around 9,000 staff.[15]

Wynn Macau announced on September 12, 2011 that it had accepted a land concession contract from the Macau government to develop 51 acres (210,000 m2) of the plot. Specifically, the contract permitted Wynn Resorts (Macau) S.A. and Wynn Resort's Palo Estate Company Ltd unit to develop a resort containing a five-star hotel, gaming areas, retail, entertainment, food and beverage outlets, a spa, and convention offerings.[1] Under the contract, Palo Estate will lease the land from the Macau government for an initial term of 25 years, with a right to renew the lease.[1] On top of a USD $193 million land premium payment to the Macau government, Palo must also pay USD $771,738 in yearly rent during the resort's development phase, which increases to USD $1 million in yearly rent after development is complete.[1] In December 2011, Wynn made a deposit of USD $62.6 million for the land, with eight more projected payments of $16.4 million. At the time, the project's overall budget was estimated at USD$2.5 billion, with design still in flux.[17]

Approval and groundbreaking (2012-2013)

On May 1, 2012, Wynn Macau received formal approval from the Macau government for its Cotai resort,[17] paving the way for ground to be broken on the plot.[16] A cost was not revealed at the time, though financing would be mostly cash and partly loans. Wynn Macau, Ltd announced on June 5, 2012 that it had started the first stage of construction, with an estimated cost of USD $4 billion and a projected construction timeline of around four years. Overall, the development would equal 557,000 square meters, with the height of the skyscraper restricted to 120 meters (about 390 feet) due to a nearby airport. The resort's design as of June 2012 included[12] a hotel with convention space, shops, entertainment,[17] ten restaurants, 500 gaming tables, a spa, meeting rooms, and a nightclub named 'Climax,' among other attractions. While no real estate projects were announced as part of the new casino resort, Wynn did state that there was space to develop such properties if policy allowed.[12]

Pre-foundation work started in February 2013,[4] with the name of the new skyscraper, Wynn Palace, first announced on July 29, 2013.[8] Steve Wynn described Wynn Palace as "the most aggressive, ambitious and lovely project" he had ever undertaken,[8] outlining new attractions such as gondolas, hot-air balloons, pedestal gardens, and a 30,000 square meter performance lake[18] at the entrance and a 1,700-room hotel.[6] The construction firm Leighton Asia, India and Offshore Group finalized a USD $2.6 billion design and build contract[4] on July 30, 2013 to construct Wynn Palace,[5] with clients listed as Wynn Resorts (Macau) S.A. and Palo Real Estate Development Company S.A.[18] The Australian parent company Leighton Holdings had been selected as the preferred contractor in November 2012, and had previously constructed Wynn Macau. Leighton projected a 2016 completion date for Wynn Palace.[5] Wynn Macau, Ltd had invested a total of USD $519 million in the project by the summer of 2013, with USD $109.9 million invested during that year's third quarter.[8]

Initial construction stages (2014-2015)

Under construction in January 2015
Under construction in August 2015

By the summer of 2014, Wynn Macau, Ltd was one of only six licensed casino operators in Macau.[13] In July 2014, Reuters reported that Macau's corruption agency was examining the 2008 sale of Wynn's Cotai land plot for signs of graft, after the International Union of Operating Engineers requested an inquiry into "how a little-known company [like Tien Chiao Entertainment and Investment Company had] secured rights to land before it was granted to Wynn." In response, Macau's Land, Public Works and Transport Bureau announced that the land grant had followed legal procedures.[13]

Foundations for the Wynn Palace were being laid by July 2014.[19] During the ensuing construction process, at one point eleven tower cranes from Comansa CM were being used simultaneously.[20] Work commenced on the casino's interior design in October 2014, with Chinese interior decoration subcontractor Sundart projecting completion for November 2015.[21] On February 2, 2015, Wynn Macau, Ltd announced that the opening of Wynn Palace had been delayed, and would no longer take place before the February 2016 Chinese New Year. The delay resulted from late and incomplete approval of workers permits, with Barron's Asia explaining that "they received only 700 workers after requesting 1000 and the approvals came three months late. Wynn said they need a total of 7000 workers, which means they need approvals for another 1600-1700."[22] The resort announced it was still on budget despite the delay, with a new estimated launch for the first half of 2016.[23]

Final construction stages (2015-2016)

Approximately USD $374.3 million was invested into the Wynn Palace Cotai project during the first quarter of 2015, making the accumulative investment equal to USD $2.2 billion. As of April 2015, the total projected budget including "construction costs, capitalized interest, pre-opening expenses, land costs and financing fees" was USD $4.1 billion.[24] Wynn Macau, Ltd was seeking government approval for 500 gaming tables by the fall of 2015.[25] In November 2015, around 130 non-resident construction workers for Wynn Palace staged a meeting outside the PRC Liaison Office, alleging unpaid and involuntary overtime.[26] The Labour Affairs Bureau (DSAL) subsequently stated that it had been aware of the situation since October 2015, and had promised staff to examine the issue.[26] Also in November 2015, general construction delays pushed the projected opening back three months, from March 25, 2016[25] to the original date of[27] June 25, 2016.[25] As a result, Leighton Holdings (then renamed CIMIC)[28][29] lost access to a USD $38 million bonus.[30] Wynn Resorts share values fell 6 percent after the announcement, before rising again shortly afterwards.[25] Wynn Macau, Ltd stated in January 2016 that if substantial delays continued, CIMIC might be liable for a maximum of USD $200 million in damages.[28][29] Following a further update, the current expected opening date is August 22, 2016.[6] On January 28, 2016, Forbes described Wynn Palace's upcoming debut as one of the "20 Most Anticipated Hotel Openings Of 2016."[9]

Features

Design and architecture

Scheduled to open on August 22, 2016,[6] the Wynn Palace resort on the Cotai Strip includes a 1700-room luxury hotel,[5] a casino, convention space, a spa and salon, and venues for retail, entertainment, and dining.[1] Steve Wynn has described it as "the most aggressive, ambitious and lovely project" he has ever undertaken, with a design "reminiscent" of the Bellagio in its use of fountains and lighting as a key attraction.[8] With a construction floor area of around 450,000 square meters,[5] after topping off in 2015 the main Wynn Palace tower is 377.30 feet tall, with 29 floors[7] and design by Wynn Design & Development.[2]

Attractions and venues

The resort will feature a number of attractions and venues, including convention space, shops,[17] ten restaurants, gaming tables, meeting rooms, and a nightclub to be named Climax.[12] GOCO Hospitality is scheduled to operate a 210,000 square meter spa area, with 16 treatment rooms and four spa suites, as well as a barber and beauty salon, tea lounge, juice bar, gym, and an area for foot massages.[3] Exterior features include an aerial transport system with gondolas,[8] hot-air balloons, pedestal gardens, and a 30,000 square metre performance lake at the entrance.[18]

Interior design and artwork

Steve Wynn has described the interior design theme as "flowers," explaining the "use of... water and natural light and flowers has been taken to a new level."[8] Jerry Sibal was appointed Design, Development and Floral Director for Wynn Palace in April 2015, arriving in Macau that September.[31] The Chinese interior design subcontractor Sundart published several photos of the Wynn Palace design in June 2015,[21] displaying a floral theme.[8]

Fine art has also been scheduled for display at the resort. Wynn Macau, Ltd first paid £8 million (USD $12.8 million) at a London auction on July 7, 2011 for a set of four 18th-century Chinese porcelain vases, as well as a Chinoiserie tapestry.[32] Explicitly purchased for Wynn Palace, Roger Thomas of Wynn Design and Development said after the sale that "we are delighted to return works of this extraordinary quality to the city of Macau."[32] The vases and sixteenth-century Louis XIV Beauvais Chinoiserie tapestry of 'The Emperor on a Journey' were shown on October 27, 2011 in the Wynn Macau lobby, and will "later on join other pieces of art in the new hotel in Cotai," Wynn said.[33]

Transportation

The Wynn Palace is close to a ferry terminal and the Macau International Airport,[12] and in 2012 it was announced that the new Macau monorail would stop at the lakeside front of the resort.[12] In 2013 it was announced that Wynn Palace will have a light rail station stopping at midpoint of the performance lake. The light rail will have bridges going west to casinos such as City of Dreams, Hyatt and MGM, and east to the Wynn Palace sidewalk. A direct connection to the proposed Wynn gondola system is in construction as well. An additional three ways of entry are planned for the resort: a bus entrance on the east side, and atriums on the north side and south side.[8]

See also

References

  1. 1 2 3 4 5 Yung, Chester (September 11, 2011). "Wynn Macau: To Develop Resort On 51 Acres Of Land In Cotai". Fox Business. Retrieved 2016-05-25.
  2. 1 2 3 4 5 6 Johnson, Robert (February 6, 2016). "Upcoming Casino Openings in 2016". Casino News Daily. Retrieved 2016-05-25.
  3. 1 2 "About Wynn Palace". GOCO Hospitality. Retrieved 2016-05-25.
  4. 1 2 3 4 Wynn Resorts (2013-10-24). "Wynn Resorts, Limited Reports Third Quarter 2013 Results" (PDF). Retrieved 2013-12-01.
  5. 1 2 3 4 5 6 "Leighton finalises $2.8bn contract to build new Wynn resort in Macau". The Australian. July 30, 2013. Retrieved 2013-11-30.
  6. 1 2 3 4 5 "Casino Mogul Wynn to Launch Lavish New $4.2B Macau Resort". The New York Times. Associated Press. August 17, 2016.
  7. 1 2 "Wynn Palace". Emporis. Retrieved 2016-05-25.
  8. 1 2 3 4 5 6 7 8 9 "The Steve Announces Cotai's Wynn Palace". Vegas Tripping. July 29, 2013. Retrieved 2016-02-16.
  9. 1 2 "20 Most Anticipated Hotel Openings Of 2016 - Forbes". Forbes. January 28, 2016.
  10. 1 2 Boroff, David (September 15, 2015). "Casino robbery: A whopping $258 million stolen from junket operating at Wynn Macau in China". New York Daily News. Retrieved 22 December 2015.
  11. ↑ "About". Wynn Palace. 2016. Retrieved 2016-05-25.
  12. 1 2 3 4 5 6 "Wynn announces USD4 billion Cotai resort with 500 gaming tables". Macau Daily Times. June 6, 2012. Retrieved 2016-02-16.
  13. 1 2 3 Master, Farah (July 11, 2014). "Macau graft agency probes Wynn land deal". Reuters. Retrieved 2016-05-25.
  14. 1 2 3 "Wynn on Cotai may be in 2016: Citi". Macau Daily Times. March 24, 2011.
  15. 1 2 3 4 5 6 Lages, Alexandra (May 17, 2011). "Wynn to start immediately on Cotai after land grant". Macau Daily Times.
  16. 1 2 3 "Wynn Macau Receives Approval for Cotai Development". Wall Street Journal. May 1, 2012. Retrieved 2016-02-16.
  17. 1 2 3 4 Hoium, Travis (May 4, 2012). "Wynn Gets License to Gamble on Cotai". Daily Finance. The Motley Fool. Retrieved 2016-05-25.
  18. 1 2 3 "Wynn Palace Project Showcase". Leighton Asia. Retrieved 2013-11-30.
  19. ↑ McKenzie, Sheena (July 15, 2014). "Linda Chen: Building a multi-billion dollar 'Las Vegas of the east'". CNN. Retrieved 2016-05-25.
  20. ↑ "Eleven Comansa CM tower cranes at Wynn Palace casino in Macau". Linden Comansa. Retrieved 2016-05-25.
  21. 1 2 "Wynn Palace Architectural Plans Published By Subcontractor". Vegas Tripping. June 20, 2015. Retrieved 2016-05-25.
  22. ↑ Ren, Shuli (February 3, 2015). "Wynn Macau: Q4 Miss, Wynn Palace Opening Delayed; Nomura Downs To Sell". Barron's Asia. Retrieved 2016-05-25.
  23. ↑ Perez, Bien (February 4, 2015). "Wynn Macau's revenue drops 32 per cent; Wynn Palace project suffers delays". South China Morning Post. Retrieved 2016-05-25.
  24. ↑ "Wynn Resorts, Limited Reports First Quarter 2015 Results". Reuters. April 28, 2015. Retrieved 2015-06-22.
  25. 1 2 3 4 Stutz, Howard (November 18, 2015). "Wynn delays opening of $4.1 billion resort in Macau". Las Vegas Review-Journal. Retrieved 2016-05-25.
  26. 1 2 "Wynn Palace construction workers protest outside Liaison Office". Macau Daily Times. Kowie Geldenhuys. November 4, 2015. Retrieved 2016-05-25.
  27. ↑ Katsilometes, John (December 14, 2015). "Wynn pushes resort opening back to original date". Las Vegas Sun. Retrieved 2016-05-25.
  28. 1 2 Loo, Daryl (January 26, 2016). "Wynn Macau Contractor May Owe $200 Million for Casino Delay". Bloomberg Businessweek. Retrieved 2016-05-25.
  29. 1 2 Wiggins, Jenny (January 27, 2016). "Macau's Wynn Palace delays cost CIMIC $284,000 per day". The Sydney Morning Herald. Retrieved 2016-05-25.
  30. ↑ Filipe, João Santos (December 15, 2015). "Wynn Palace contractor misses out on US$38 mln due to rescheduled opening". Macau Business Daily. Retrieved 2016-05-25.
  31. ↑ Pastor, Cristina DC (June 5, 2015). "Pinoy 'Renaissance Man' named floral director at Wynn casino in Macau". GMA News Online. Retrieved 2016-05-25.
  32. 1 2 Reyburn, Scott (July 8, 2011). "Casino Mogul Wynn Buys $12.8 Million Chinese Vases for Resort". Bloomberg Businessweek. Retrieved 2016-05-25.
  33. ↑ "Wynn returns Chinese antique treasures". Macau Daily Times. October 28, 2011. Retrieved 2016-05-25.
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