Wynn Macau and Leighton reach settlement

wynn macau

The loss is reported 40 days after the inauguration of the new Wynn Palace Cotai.

The companies agreed a settlement under guaranteed maximum price construction contract.

Macau.- The gaming operator Wynn Macau Ltd announced that the company settled its construction disputed with the general contractor Leighton Contractors Ltd related to the Cotai project. Wynn will pay US$390 million to Leighton, and an additional fee of US$200 million.

Earlier this year, Wynn Macau warned the construction company that they would demand penalty payments if the construction milestones fail to achieve completion by the deadline. “The Group and Leighton Asia have been in discussions with a view to resolving these differences and avoiding the potential for protracted dispute resolution proceedings,” said the operator.

Wynn confirmed that as a result of these discussions the company and Leighton Asia entered into an agreement to settle all related matters. The casino opened its doors on Agusut 22, but Leighton said that the working process changes during the construction of the casino and that extra money and time were needed in order to meet the requrements.