Wynn Sells Concession for China
LAS VEGAS, NV, March 6, 2006. Publishing and Broadcasting Limited has signed an agreement to purchase a subconcession from Wynn Resorts in Macau, China for $900 million. The subconcession will allow PBL to own and operate hotel casino resorts in Macau SAR. This transaction is subject to Macau government approval.
"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. This transaction was appealing from a financial perspective and most importantly sets the stage for other activities done in conjunction with PBL in Asia and around the world."
"Macau remains one of the most dynamic gaming markets in the world and a subconcession allows PBL to actively participate in the extraordinary growth of the Macau market," said James Packer, Executive Chairman of PBL. "Our company has a long-standing relationship with Steve Wynn and this transaction will hopefully be the first of many. I value the relationship enormously."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
