GGRAsia – Macau still probing Wynn Cotai land deal: graft buster

Macau still probing Wynn Cotai land deal: graft buster

Sep 24, 2014 Newsdesk Latest News, Macau, Top of the deck

Macau’s corruption watchdog is still investigating the land deal that paved the way for Wynn Macau Ltd to enter Cotai, where it is currently building the US$4-billion Wynn Palace casino resort.

“The relevant investigation is still underway,” the city’s Commission Against Corruption (CCAC) told GGRAsia on Wednesday. The head of Macau’s anti-corruption agency said in July that the commission had launched an investigation into the land deal.

On Tuesday, Steve Wynn said the graft buster was satisfied with the information the company had provided on the deal. Mr Wynn is chairman and chief executive of Wynn Resorts Ltd, the Las Vegas-based parent of Wynn Macau.

Mr Wynn said he believed the investigation had been concluded. “Everything about the transaction is crystal clear,” he told reporters, adding that the new casino resort is on schedule to open in early 2016.

Wynn Resorts had said in a regulatory filing in July that it was cooperating with the anti-corruption agency on inquiries into the land purchase.

Macau’s corruption watchdog is investigating a US$50 million payment made by a subsidiary of Wynn Resorts to Tien Chiao Entertainment and Investment Co Ltd in exchange for the company relinquishing its rights to part of what is now Wynn’s Cotai site.

In July, the day before the commission’s comments on the investigation, Macau’s Land, Public Works and Transport Bureau said the land grant was directly made by the government to Wynn Macau. The bureau said its records of the deal contained no information on Tien Chiao being officially entitled to any land rights.

In Wednesday’s reply, the graft buster did not mention if it was still gathering information from the casino operator or other relevant parties.

“To observe the principle of judicial confidentiality, the CCAC will neither make any comments nor provide any supplementary information on the case,” the agency told GGRAsia.