MACAU -- Las Vegas gambling mogul Steve Wynn broke ground today on his first Macau casino, a $705 million megaresort that will bring fresh competition to the enclave's top industry.

Wynn Macau, which will include 600 hotel rooms and 100,000 square feet of gambling space, will open by the end of 2006.

Wynn is setting up shop near the Lisboa hotel-casino, the flagship property of longtime Macau casino boss Stanley Ho, who recently lost a gaming monopoly here that had lasted for more than four decades.

Macau, which was returned to Chinese sovereignty in 1999 after more than 400 years of rule from Portugal, is just 40 miles west of Hong Kong. The tiny enclave attract thousands of Hong Kong and Chinese gamblers -- who have no casinos at home -- and it decided in 2002 to open its gaming industry to competition.

Wynn decided to go ahead with his Macau project after the territory's Legislature approved a law last month enabling casinos to extend credit to gamblers.

Meanwhile, Galaxy Resort & Casino said Wednesday it will open its new Macau casino in several weeks.

Galaxy said the $64 million Galaxy Waldo, which offers 38 tables and 100 slot machines, will open in early July. It did not provide an exact date.

Galaxy also said construction on a second hotel-casino, the $205 million Galaxy Starwood, will begin by the end of June.

The company has submitted plans to Macau's government for a third resort worth $385 million.

Ho saw his first competition in 40 years last month when Las Vegas gambling mogul Sheldon Adelson, who shares a license with Galaxy, opened the Sands Macau. Ho has responded by sprucing up his existing casinos.

Las Vegas-based gambling giant MGM MIRAGE announced Monday it will build a hotel-casino in Macau with Ho's daughter, Pansy Ho.

Las Vegas Sun/AP
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