Management has announced a delay to the Wynn Cotai project due to construction worker permits.
Cotai property opening delay: Management said Wynn Palace on Cotai is on budget, but will not open according to the original plan to open prior to 2016 Chinese New Year. Official press release still has 1H16 as the target (our projections assumed a mid-2016 opening).
The delay was said to be due to the timing of construction worker permits. In the latest round of permits, they received 700 workers after requesting 1,000 and the approvals came three months late. Wynn said they need a total of 7,000 workers; ie, they need another 1,600-1,700 from upcoming approvals.
The shortage of construction workers has been the case both at Wynn Palace and at Sands China’s Parisian. A delay to 2016 projects would mean a better and longer head start period for 2015 casino openings from Galaxy and Melco.