The Publishing and Broadcasting Limited (PBL), one of Australia's largest media and entertainment groups, has gained the entry into Macao's casino market.

Macao Post Daily Tuesday quoted sources from Wynn Resorts, a Las Vegas-based casino giant, as saying that the PBL has purchased a subconcession from Wynn Resorts to run casino business in Macao.

The subconcession contract was worth 900 million U.S. dollars, the newspaper reported.

Macao, a city with a population of 480,000, currently has 19 casinos, which are run by three entertainment groups.

The three groups, being authorized by the Macao Special Administrative Region government, have the right for each to sell the subconcession to no more than three enterprises.

Source: Xinhua