Wynn Resorts, Limited (NASDAQ: WYNN) has received approval from the Macau government to expand its Wynn Palace resort on the Cotai Strip, according to a press release statement from the company.

The Macau Special Administrative Region published an amended and restated land concession contract in its Official Gazette on July 21, 2026, allowing Wynn Resorts subsidiaries Palo Real Estate Company Limited and Wynn Resorts (Macau) S.A. to develop a new five-star hotel, a theater, and an event and entertainment center on the existing 51-acre Cotai Land site.

The Macau government has granted a maximum of 60 months from the publication date to complete the expansion. As part of the amended contract, Palo is required to make a one-time land premium payment of MOP652.3 million (approximately $80.8 million) to the Macau government upon accepting the contract conditions.

The amended contract also sets total annual rent for the expanded property at MOP9.5 million (approximately $1.2 million), subject to review by the Macau government every five years. Palo must additionally provide a deposit or bank guarantee equal to the annual rent amount.

The original land concession contract, published in May 2012, covers a 25-year initial lease term running through May 1, 2037, with renewal rights subject to applicable legislation.