Steve Wynn is no stranger to a challenge. The billionaire’s Wynn and Encore at Wynn in Las Vegas have shown strength against the decaying economy over the past few years, and now Wynn is placing his bets overseas. Wynn opened his latest hotel and casino in Macau on Wednesday, and at the same time announced plans to build another resort in Cotai starting next year.

At a press conference in Macau, Wynn described the new $600 million Encore hotel and casino as a “boutique hotel” meant to cater to high rollers. The casino is relatively small by Macau standards with only 400 suites, four 7,000-foot villas and 61 gambling tables. However, the new resort has already been referred to …