Wynn Palace to potentially miss June deadline

Wynn Resorts says potential construction delays could push the Wynn Palace opening to the second half of 2016.

The Macau casino operator said that, although it still expects to open Wynn Palace in the first half, there is a chance the opening would be delayed, according to a filing to the Hong Kong Stock Exchange. The casino resort is scheduled to open on June 25 after being pushed back from its original deadline of March 25, a delay that had already costed the construction company Leighton to lose a bonus of MOP 303.34 (US$38 million).

Previously, Steve Wynn was quoted as saying that penalties would be observed should construction not meet the deadline.

“If they don’t make June 25, it’s a $1.5 million-a-day penalty,” Wynn said.

According to the filing, the construction contractor expressed its commitment to the completion of the project by the required date, but has advised that they dispute Wynn Resorts’ assessment of liquidated damages.

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