Wynn Resorts Threatens CIMIC with Hefty Fines Over Wynn Palace Delays in Macau
Wynn Resorts, the celebrated gaming enterprise headquartered in Macau, has issued a firm caution to CIMIC Group, the construction firm tasked with building its second Macau casino, Wynn Palace. The corporation could incur financial repercussions of roughly US$200 million should the endeavor continue to encounter postponements.
Wynn Macau has notified CIMIC that they may be subject to daily charges of up to US$2 million if they fall short of achieving the project’s third key stage. This admonition emphasizes the critical need and significance of adhering to the established schedule.
In a communication endorsed by originator Steve Wynn, the casino operator voiced anxieties regarding CIMIC’s capacity to finalize the project punctually, remarking, “We harbor concerns that at your present pace of advancement, you will be unable to attain the third interim benchmark.”
Originally slated for culmination on March 26, 2016, the US$4.1 billion casino development venture experienced a hurdle when CIMIC apprised Wynn Macau last November that the completion date would be deferred by three months to June 25.
Wynn Palace stands among numerous new casino resorts poised to debut in Macau this year. The eagerly awaited resort will boast 1,700 hotel accommodations, an expansive gaming floor, a scenic lake adorned with gondolas, mesmerizing water features, and abundant conference facilities.
The agreement for Wynn Palace was initially granted to Grupo ACS, the preceding Australian executive team of CIMIC.