I'm on the edge of my seat waiting for the most anticipated casino in Macau since Galaxy Macau -- and that one just opened Sunday. Wynn Resorts (Nasdaq: WYNN) was back in the news yesterday, when CEO Steve Wynn announced that its Cotai development would likely double the company's Macau revenue when it opens in 2015.
Wynn hasn't been shy about describing how wonderful this project is. In the company's recent conference call, he exclaimed, "It is really by orders of magnitude the best thing we've ever done."
I'm not sure whether Steve is familiar with how much an order of magnitude represents, based on this statement. But if he is correct, that means Wynn's Cotai property will be at least 100 times better than the Bellagio, Mirage, Wynn Las Vegas, and Wynn Macau. Heck, if it's that cool, I'll camp out a week ahead of time just to be the first one inside.
Now that Galaxy Macau is open, Wynn expects the Cotai land grant soon, and he's ready to start construction. Cotai is really starting to take shape.
MGM Resorts (NYSE: MGM) also has a development near Wynn's property on Cotai, and should get a boost there when it opens. That will bring the big four casino operators all onto Cotai, where the center of gaming in Macau is headed. Las Vegas Sands (NYSE: LVS) and Melco Crown (Nasdaq: MPEL) are both in operation there, and Las Vegas Sands will open another massive project late this year or early the next.
That means there will be around three years of time to absorb gaming growth before Wynn opens, saving surrounding casinos from oversaturation.
The Cotai project details aren't a shock for investors, but as details trickle out, the anticipation is building. I wouldn't be shocked to see Wynn's revenue and earnings more than double in Macau, considering the new casino's prime location. And if it's anywhere as great as Steve Wynn thinks it will be, the Cotai facility could redefine his legacy.
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