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Wynn CFO bullish on Macau, sees UAE construction coming soon

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Published: Mar 16, 2023 at 04:52.

Last updated: March 16, 2023 at 05:01.

Wynn Resorts (NASDAQ: WYNN ) expects construction of its casino resort on Al-Marjan Island in the United Arab Emirates (UAE) to begin within weeks, with its debut expected in 2027.

Wynn Resorts
Wynn and Encore on the Las Vegas Strip. Wynn Chief Financial Officer Julie Cameron Doe said construction on the operator’s UAE project would begin soon. (image: vegas means business)

Wynn Chief Financial Officer Julie Cameron Doe made the remarks at JPMorgan’s Gaming, Lodging, Restaurant and Leisure Management Access Forum in Las Vegas this week. Encore Operators is an equity investor and operator of the first Las Vegas-style gaming venue in the Arab world.

Last year, Wynn announced a partnership with local hotel developer RAK Hospitality Holding LLC to develop the UAE’s first gaming venue project.Believed to be a casino resort on an artificial island Will cost at least $2 billion The Las Vegas-based company’s interest in the venture will amount to one-third.

Earlier this month, it was reported that Wynn Trademark Used in “Arabian Strip” and “Marjan Strip” for UAE property.

Wynn Macau bounces back impressively

data confirmed Wynn is one of the franchisees Gaining market share in Macau comes as the Chinese territory rebounds sharply from a three-year slump caused by the coronavirus pandemic and ensuing restrictions imposed by the Chinese Communist Party (CCP).

At the meeting, Doe told JPMorgan analyst Joseph Greve that Wynn is well-positioned to continue benefiting from Macau’s recovery because Wynn Palace — one of the operator’s two properties in Macau — is part of the special administrative region ( SAR)’s newest venues. Greve noted that Wynn Macau’s decision not to lay off workers during the coronavirus lethargy was a smart move because the operator is less vulnerable to a workforce crunch.

Therefore, although there will be some slopes [operating expenses] in response to higher demand,” the analyst observed. “With higher revenue, WYNN should see a more meaningful EBITDA change. “

Still, moving forward with the UAE project is critical to Wynn’s long-term trajectory, as it operates two venues in Macau and three in the U.S. for its current portfolio, with the Macau duo taking on the most of the heavy lifting.

Wynn’s U.S. Outlook

At the JPMorgan meeting, Doe was upbeat about Wynn’s U.S. operations, including operations on the Las Vegas Strip and Encore Boston Harbor.

Higher midweek occupancy could help Wynn boost margins, while major events in 2023, such as the F1 race in Las Vegas in November, give the operator leeway to increase room rates, Greve noted. .

At Encore Boston Harbor, already one of the highest-grossing domestic casino-hotels outside of Las Vegas, Doe said the extra parking spaces, expansion The property, along with the recently launched sportsbook in Massachusetts, are potential catalysts for increasing that market share.

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