Wynn confident of Macau license renewal

Casino magnate Steve Wynn, head of Wynn Resorts, said he is confident that his casino business in Macau will continue after the expiration of casino concessions starting 2020, Reuters reports.

Wynn told analysts on Monday that his confidence comes from talks with the government in Macau.

“We have been given reason to have confidence that our businesses will continue after the initial concession expiration dates,” he said. “That confidence is based upon the kind of conversations we have had with the government.”

Wynn said that China was adamant about stability and did not like disruptions.

“We are so stitched into that community, with our employees and our company, that we feel comfortable in this situation,” he said.

Earlier this week, Wynn Macau reported a rise in net profit of more than 300 percent in the fourth quarter of 2017.

Total revenue from the Macau arm reached $1.3 billion in the quarter, while adjusted property EBITDA reached $376 million, beating market consensus due to strong performance from Wynn Palace.