Wynn Macau announced on September 12, 2011 that it had accepted a land concession contract from the Macau government to develop of the plot. Specifically, the contract permitted Wynn Resorts (Macau) S.A. and Wynn Resort's Palo Estate Company Ltd unit to develop a resort containing a five-star hotel, gaming areas, retail, entertainment, food and beverage outlets, a spa, and convention offerings. Under the contract, Palo Estate will lease the land from the Macau government for an initial term of 25 years, with a right to renew the lease. On top of a US$193 million land premium payment to the Macau government, Palo must also pay $771,738 in yearly rent during the resort's development phase, which increases to $1 million in yearly rent after development is complete. In December 2011, Wynn made a deposit of $62.6 million for the land, with eight more projected payments of $16.4 million. At the time, the project's overall budget was estimated at $2.5 billion, with design still in flux.
