As reported by: Forbes
The battle for control of Macau--a former Portuguese colony and China's gambling enclave--is beginning to resemble an aggressive bout of Pai Gow, a strategic game played with the Chinese dominoes tile set.

And the woodpile shrunk again Sunday: Casino operator Wynn Resorts, which plans to open its Wynn Macau resort on September 5, said it had agreed to sell the right to build a casino resort in the former Portuguese colony to Australian media and entertainment group Publishing and Broadcasting for $900 million. The value of the deal, which is still subject to Macau government approval, is almost five times greater than analyst forecasts.

The sale does not affect Wynn's plans to open casinos of its own in Macau, but apparently prevents Sin City rival, Gary W. Loveman's Harrah's Entertainment--the world's largest casino operator--from breaking into the Macau gambling market without a partner. For Wynn's subconcession was the last available license in the enclave until at least 2009, reports The Associated Press. "Because of our current focus in Macau, our board of directors decided that any decision we make must enhance the vitality and future of Macau," said Steve Wynn, Chairman and CEO of Wynn Resorts. "Making it possible for PBL to enter was a positive and dynamic step toward upgrading and expanding the quality of investment in Macau. What's good for Macau is good for Wynn Resorts.
Article By: Forbes