Wynn Resorts doubles budget cap for design services in Macau

    Wynn Resorts said it has almost doubled its budget cap for design services for its Wynn Palace resort and for upgrades at Wynn Macau.
    The original cap this year for design services was the higher of HK$78.8 million, or US$10.1 million. That has now been deemed to be insufficient and will rise to the higher of HK$156.0 million, or US$20.0 million.
    The company said the increase reflects the prevailing costs in Macau and also the fact that the size and the scope of the Wynn Palace resort had not been determined when the budget was originally set in 2011.
    The historical aggregate amounts paid by the group to Wynn Design & Development for the years ended 31 December 2012 and 2013 were approximately HK$70.6 million and HK$83.6 million, respectively.