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Published: May 2, 2023 at 06:08.
Last updated: May 2, 2023 at 07:17.
Wynn Resorts will be counting on a familiar customer to launch its integrated resort in the United Arab Emirates (UAE) when it opens in early 2027: Chinese customers.
The operator may also tap its database of other loyal customers to bolster the fledgling $3.9 billion Wynn Al Marjan Island. The integrated resort, one of the largest in the UAE, will be located in Ras Al Khaimah. It is an hour’s drive from Dubai – one of the major financial and tourist centers in the Middle East.
The UAE has not previously focused on attracting Chinese tourists, but Ras Al Khaimah Tourism Development Authority CEO Raki Phillips told reporters Bloomberg That is changing. Wynn could be an ideal partner in attracting more Chinese tourists to the region.
The Las Vegas-based gaming giant operates Two casino hotels in Macau — Wynn Macau and Wynn Palace. Plus, Wynn Las Vegas and neighboring Encore have a long history of catering to customers from the world’s most populous country.
Wynn Loyalty can pay dividends in UAE
Whether they are Chinese customers or customers in other parts of the world, Wynn customers are usually very loyal to the operator.
That’s one reason the company has succeeded with a relatively small portfolio. Besides the aforementioned Las Vegas and Macau venues, Wynn’s only other established gaming venue is Encore Boston Harbor.
Loyalty of Wynn customers, Chinese and others, is recognized by the investment communityFor example, at the close of US markets today, the operator had a market capitalization of $12.41 billion. That’s about 33% more than Caesars Entertainment (NASDAQ: CZR ), which operates more than nine times as many casinos as Wynn.
Additionally, Wynn has experience leveraging its database to support new locations. The $2.6 billion Encore Boston Harbor debuted in June 2019 and was closed for months the following year due to the coronavirus pandemic. Today, the venue is a major integrated resort in New England and one of the highest-grossing regional casinos in the United States.
Wynn Emirates success could benefit industry
Wynn Al Marjan Island will be the Arab world’s first regulated casino, but gaming won’t be at the heart of the luxury resort. On this note, it is important to point out that gaming has not yet been officially approved by UAE officials, nor has the relevant regulatory body been established.
Wynn and its partners are taking steps to allay concerns. The plan is for the Wynn Al Marjan Island casino to occupy just 4 percent of the property’s 5.6 million square feet. Even such a small percentage, UAE Casinos Will Be Bigger Than the operator’s Las Vegas gaming area.
Wynn’s efforts in the UAE have also drawn interest from rivals.phillips told Bloomberg “Every brand you can imagine” raised questions for other casino operators looking to establish themselves in the UAE.
Caesars and MGM Resorts International are currently developing non-gaming properties in the area. However, this could give them an advantage should the region decide to liberalize gaming laws broadly.
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