GGRAsia – Wynn Palace to display US$33.7-mln Koons sculpture

Wynn Palace to display US$33.7-mln Koons sculpture

Jun 30, 2016 Newsdesk Industry Talk, Latest News, Macau

Wynn Palace, the new Cotai casino resort developed by Wynn Macau Ltd, is to display the “Tulips” sculpture (pictured) by the artist Jeff Koons; and the ceramics work “Amphora III”, by the late artist Viola Frey.

Wynn Macau has agreed to pay US$33.7 million for “Tulips” and US$103,945 for “Amphora III”, the firm said in a filing on Thursday.

The deal was done between Wynn Resorts (Macau) SA, a subsidiary of Wynn Macau, and Wynn Design and Development LLC, a unit of U.S.-based Wynn Resorts Ltd – also the parent company of Wynn Macau. The purchase will be funded from available cash and internal resources of Wynn Resorts (Macau), according to the filing.

Wynn Palace is to open on August 22, the Macau-based casino operator confirmed in a statement on Monday.

The “Tulips” sculpture is one of five unique versions of “Tulips”, works that are part of a series called “Celebration” created by Mr Koons. “Tulips” is said to be one of the largest and most complex works in the series.

“Amphora III”, said Wynn Macau, “is a colourful, impressive clay vessel” crafted by Ms Frey.

Both “Tulips” and “Amphora III” had been on display at Wynn Las Vegas since 2013.

“The Tulips sculpture and the Amphora will be displayed at Wynn Palace for the enjoyment of our guests and visitors,” said Wynn Macau in Thursday’s filing, adding that “Tulips” will be “one of the major attractions” at the Cotai property.