Wynn Cotai Land Bank Confirmed, Kinda
From a Galaxy Entertainment investor presentation:
Other than the obvious error - City of Dreams expands all the way to the north - it looks like there are seven more parcels of land up for grabs over there in addition to the Wynn plot.
MGM Cotai will probably go right between Shangri La and Wynn Cotai, just south of City of Dreams, or in the plot just south of Wynn Cotai on the same side of the street.
The question this raises is... what's going to happen to all the vacant lots when all of the approved concessionnaires already have their stuff up and running? Options include:
Holding land for potential new concessions in 2009
Harrah's, Planet Hollywood, Pinnacle and other operators would love to get into the game in Macau. Attracting new concessioners (and capital) to Macau would be next to impossible if there is no land available in Cotai.
Selling plots to third parties armed with operating agreements
A la Macao Studio City, Far East Consortium and 'Hotel Row'. Any large hotel or resort chain might be interested in this if Cotai has high enough occupancy rates to warrant expansion.
Selling plots to existing concessionaires who have capital partnership agreements
I'm thinking of the MGMMirage/Kerzner 'Circus-Circus Center' deal to develop the plot of land across the street from the Sahara in Las Vegas. MGMMirage supplied the land, Kerzner supplied the development cash. Add the Dubai World clan into the mix and you've got even more possibilities and access to mad capital.