Macau is the world’s largest gambling market.

Gaming revenues in the territory rose 42% last year to $33.5bn (£21.4bn), almost six times that of Las Vegas and are expected to increase further.

“The official transfer of real estate in Cotai makes possible the commencement of the construction phase, of what will be the single most important project in the history of Wynn Resorts,” Stephen Wynn, chairman and chief executive of Wynn Resorts, said in a statement.

The Cotai strip, an area of reclaimed swampland in Macau, has become the destination-of-choice for casino operators in the territory.

Firms have been looking to expand their operations on the strip, opening up new projects that offer a mix of shopping, entertainment and gambling in a bid to attract more consumers.

Last month Las Vegas Sands opened up a $5bn resort there.

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