Publishing and Broadcasting Ltd, who own Melbourne’s Crown Casino and Perth’s Burswood casino, agreed to pay the sum subject to Macau government approval. The final figure has exceeded all estimates, with Morgan Stanley analyst Celeste Brown saying she expected the sale to bring in $200 million.

The sale is just another indication of the rising star of Macau, already the second biggest gambling city in the world, and predicted to overhaul Las Vegas as the gambling capital of the world in less than two years.

Despite the sale Wynn Resorts will still be opening a casino of its own, the Wynn Macau Casino. The sale was of a so called sub concession which was the last available Macau license till 2009 – hence the exaggerated price. The Wyn Macau is scheduled to open this summer.