Leighton wins $2.8bn Macau contract

Shares in construction group lift as it finalises deal to build luxury resort in Macau.

Leighton Holdings Ltd has secured a $2.8 billion contract to design and build a luxury resort in gaming destination Macau.

Investors welcomed the news. At 1110 AEST Leighton's share price was up 2.82% to $16.76 against a benchmark fall of 0.32%.

In a statement to the Australian Securities Exchange, Leighton said its subsidiary, Leighton Asia, India and Offshore Group, had finalised a full agreement with Wynn Resorts.

The project is the group's largest value contract to date and is expected to be complete by early 2016 as site preparation and piling works are already well advanced.

The hotel and casino includes gaming, dining, retail and convention facilities.

The resort site has a construction floor area of more than 450,000 square metres on the reclaimed land between the Macau islands of Taipa and Coloane, known as the Cotai Strip.

Leighton Holdings chief executive officer Hamish Tyrwhitt said the company had grown its presence in Asia over the past 40 years.

"This contract award supports our strategy of continued growth in this region and of increasing our contribution from our international operations," Mr Tyrwhitt said. 

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