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LAS VEGAS (AP) - Casino operator Wynn Resorts Ltd. said Sunday it had agreed to sell the right to build a casino resort in Macau to Australian media and entertainment group Publishing and Broadcasting Ltd. (PBL) for $900 million.
The value of the deal, which is still subject to Macau government approval, far exceeded analysts' forecasts.
"We had expected a sale price of $200 million in our previous target," Morgan Stanley & Co. Inc. analyst Celeste Brown wrote in a research note. "The $900 million price even exceeds what we believed to be the high-end of any sale range."
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