Wynn Resorts does not think that new casinos scheduled to open in Singapore will pose a threat to its Asia business, it said recently.

A sum of up to US$1.6 billion might be raised by Wynn from a spin-off of its Macau unit, set to be Hong Kong's second biggest listing this year.

Wynn Resorts, which in 2005 opted out of the race to develop an integrated resort in Singapore, is the world's third biggest casino operator, with casinos in Las Vegas and Macau.

It is now investing its money on Macau and Chinese gamblers, bringing Macau at the world's biggest casino market spot today.

Wynn does not see Singapore as a potential threat. It does think that it needs to worry even with the Lion City enticing high-rollers with lower taxes.

"People from all over will go to Singapore to check it out. If they have a good time, they will go there more than once. But as for the day-in, day-out, month-in, month-out business, proximity is the most powerful factor," said Mr Steve Wynn, Chairman of Wynn Macau.

Wynn is also planning to spin off 25 percent of its Macau assets, which will enable it to raise US$1.6 billion.

Apart from this, Wynn is also near completing a second resort, dubbed 'Encore', in Macau next year, for which Wynn has spent nearly US$650 million. The resort was funded through its existing cash balances. Finally, Wynn said that it might even think of unveiling a bigger resort at the Cotai Strip in the near future.