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    Land clearing work of the parcel rented by Wynn Resorts near Macao's most prestigious casino Hotel Lisboa has been undertaking since this week. The project is expected to be completed by September 2006, under its agreement the Macao Special Administrative Region (SAR) government.

    Saturday's Macao Daily quoted its source with the company as saying that Wynn's investment in the casino resort in Macao would amount to 5.64 billion patacas (705 million US dollars), larger than the planned 4.6-4.8 billion patacas (575-600 million US dollars).

    The resort will have 600 hotel rooms, a 100,000-square-foot casino, seven restaurants, 28,000 square feet of retail space, a spa, a salon, and show rooms and entertainment centers.

    Upon the company's winning of the government-issued casino operating license in 2002, Wynn was granted with a lease of the 16-acre plot for 25 years, for which it is commissioned to pay 32 million patacas (4 million US dollars) in land rental tax. It willalso pay 17 million US dollars to the Nam Van Development Co. to relinquish its rights to a portion of the parcel.

    The source said that Wynn has filed the investment plan to the U.S. Securities and Exchange Commission on June 9.

    According to Macao's Portuguese-languaged newspaper Ponto Final,Wynn Resorts signed an underwriting agreement with Deutsche Bank AG, Hong Kong, and Sociiti Ginirale Asia Ltd. for a loan of 397 million US dollars to finance the development and construction of the project.

    Wynn Resorts offered 7 million shares to investors last month to raise 268 million US dollars. The company said it will use someof the proceeds to finance the Macao resort. The company's shares have risen 54 percent this year.