Wynn Resorts' ( WYNN) moves in the Chinese enclave of Macau are paying off, even before the company's casino there opens.

The Las Vegas casino company announced Sunday it has agreed to sell a Macau subconcession to Australia's Publishing and Broadcasting Limited for $900 million. The agreement, which is subject to Macau government approval, would allow PBL to own and operate hotel casino resorts in the former Portuguese colony, which is becoming a center of feverish casino development.

The brainchild of casino impresario Steve Wynn, Wynn Resorts opened its first casino resort last April in Las Vegas. It is building a resort in Macau that's scheduled to open in September.

PBL is one of Australia's largest media and entertainment concerns. Listed on the Australian Stock Exchange, it has a market capitalization of $11 billion.

Wynn shares ended last week at $64.41.