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Business

Wynn opens Macau's most expensive casino

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Business

Wynn opens Macau's most expensive casino

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COMING UP:Wynn opens Macau's most expensive casino

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00:00:01
It's Macau's splashiest casino yet. Steve Wynn's lavish new pleasure palace, opening this week in the gambling capital of the world. But is the casino tycoon's timing off? Gambling revenues here are scraping along at five year lows. Reuters' Farah Master says the era the Wynn Palace was built for, may already be over.
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00:00:21
>> These projects were planned over five to six years ago when Macau's growth outlook was very, very optimistic. Wynn actually spent 4 billion to build this property. Some analysts are saying, if he had known the outlook, as it is currently today, maybe he would have spent far less, maybe around 1 billion.
00:00:39
>> Chock it all up to Chinese high rollers disappearing from account's VIP tables, with Beijing on the hunt for corrupt officials and businessmen. That campaign's leaving bosses like Wynn scrambling to turn their gambling havens into wider attractions.>> Wynn is really trying to promote art in his resort.
00:00:56
He's saying he spent over $150 million US on art, including a Jeff Koons sculpture and some very rare Chinese vases. And he says he's gonna put together a book for people to see all the different kinds of artwork. So he's really trying to push this as his special element.
00:01:12
Analysts say the Wynn Palace is likely to turn a profit, but not at all like what the industry might have expected just a few years ago. Investors won't give up on Macau anytime soon though. It still puts Las Vegas to shame, raking in five times the gambling revenue.
00:01:27
The Wynn Palace is only one in a string of fancy new resorts lined up, including Sheldon Adelson's $3 Billion Parisian resort due to open next month. Experts say the next big bump to watch out for, competition.