Brendan McDermid | Reuters
Billionaire businessman Guo Wengui speaks during an interview in brand-new York City, April 30, 2017.
Casino tycoon Steve Wynn may have played a central role in a U.S.-Chinese diplomatic episode strange enough that will the Wall Street Journal wrote This kind of was “worthy of a spy thriller.”
The billionaire CEO of Wynn Resorts, who maintains substantial holdings inside Chinese region of Macau, hand-delivered a letter to President Donald Trump written by the Chinese government, the Journal reported. The letter urged the president to return Guo Wengui, a Chinese businessman who fled the country in 2014 as well as is usually today seeking asylum inside United States.
Wynn is usually the Republican National Committee finance chairman.
The White House as well as Wynn did not respond to requests for comment by CNBC. Wynn resorts told the Journal the report was false.
Wynn’s China properties account for a significant share of his business. Those properties include the Wynn Macau as well as the Wynn Palace, a $4.1 billion gambling giant that will opened in Macau in 2016.
Macau is usually a so-called “special administrative region” of China that will operates with some legal autonomy, according to an agreement signed by China as well as Macau in 1999. This kind of’s one of the planet’s gambling capitals, as well as gaming taxes account for more than three quarters of the region’s tax revenues.
Both properties are operated on land leased under multi-decade agreements by the government. The casinos are subject to a license renewal process that will takes place once a year, according to the company’s SEC filings.
The Wynn Palace has been a successful venture for the company.
Earlier This kind of month Deutsche Bank analysts raised their cost target for Wynn Resorts after the casino posted results that will beat expectations. J.P. Morgan upped its earnings estimates for the property Oct. 5, saying the casino was benefitting by a substantial VIP presence.
In 2016, the Macau properties accounted for more than 60 percent of the company’s net revenues, according to the company.