The SAR Government today (24) signed a concession contract with Wynn Resort Ltd. for a 20-year concession in casino gaming operations.

Chief Executive Edmund Ho and Steven Wynn signed the contract on behalf of the two parties.

According to the contract, the concession will be valid from 26 June 2002 to 25 June 2022.

The concessionaire is obligated to fulfill the projected investment of four billion patacas within seven years from the signing of the contract.

The contract stipulated that the first hotel, casino and recreational comple under the operation of Wynn Resort must be completed and opened to the public before the end of 2006.

The contract also stipulated the financial liabilities of the concessionaire which included: a 1.6% annual payment of the gross gaming casino revenue to a public foundation for the promotion and development of cultural, social, economic, educational, scientific and charity activities/; a 2.4% annual payment of the gross casino revenue for urban development and construction, promotion of tourism and social security, on top of the casino taxes stipulated by law.

In addition, the concessionaire is also liable for an annual premium of 30 million patacas plus a premium of 300 thousand patacas per gaming table operated by the concessionaire.

Wynn Resort Ltd. has agreed with the Praia Grande Company to establish the first hotel and casino complex beside Nam Van Lake, where the current Macao Trade Fair is located.

Secretary Francis Tam said in the press conference after the signing of the contract that the SAR Government believed that the location of the complex would help to promote the overall economy of Macao.

Secretary Tam said that the SAR Government was keen to create an environment in which international investors would feel comfortable and secure, and would find room for development.

He also stressed that it was the initiative of the SAR Government to have a real liberalization of the gaming industry which was in favor of the overall development of the local economy.