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NEWS 27 January 2016

Contractors may be on the hook for $200m if Wynn casino delays continue

By Edward Obeng
Hong Kong-based casino operator Wynn Macau Ltd has informed the contractors responsible for building its second casino in Macau that they may be liable for around $200m in damages if delays surrounding the completion of the Wynn Palace project continue.

International contractor CIMIC Group has been warned by Wynn Macau that it could be on the hook for up to $200,000 per day for every day if it misses its third schedule point.

In a statement signed by founder Steve Wynn, the Macau casino operator said: “We are concerned that with your current levels of progress in the execution of the work, you will fail to achieve the third interim milestone.”

Australian-based CIMIC was scheduled to complete the project by 26 March 2016, however the company told Wynn Macau in November last year that fulfilment of the $4.1bn casino development contract would be postponed by three months to 25 June.

Michael Weaver, a Spokesman for Wynn Resorts Ltd in Nevada, chose not to comment on the likelihood and potential impact of a delay to the project.

The Wynn Palace is one of several new casino resorts due to open in Macau this year, and will feature 1,700 hotel rooms, a casino, a lake with gondolas , fountains and meeting space.

The Wynn Palace contract was won under CIMIC's previous Australian management team Grupo ACS.

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