Wynn Resorts Ltd. is not in a hurry to develop the property it owns over Las Vegas Boulevard from its existing Wynn and Encore Las Vegas Resorts.
On Thursday, business leaders emphasized its focus on Wynn Al Marjan Island, the resort it is based in the United Arab Emirates, but gave an explanation of how it sees the 34 acres as it acquired in 2017 for an estimated $ 336 million.
“We obviously have a very significant land bank here in Las Vegas,” said Wynn CEO Craig Billings in response to an investigation into the company’s revenue for the fourth quarter Thursday.
“So we have years and years of growth ahead of us. I am often asked: “Why are you not moving in the country in Las Vegas right now?” And the reality is that from a capital perspective, from a bandwidth perspective within our fantastic design and development team, there are only so many things, frankly, as you can do at once. “
Billings explained that the top focus is on Wynn Al Marjan Island for now. The company also has a bid to develop a casino project in Downstate New York and has been among many companies that investigate the prospects for building in Thailand.
“If Thailand goes on, for example, you know, you want to make sure you are able to participate,” Billings said. “We have many opportunities. But right now we are very focused on Wynn Marjan. It is a whole new market. You have seen the research. It is a market of $ 3 billion to $ 5 billion and it is a huge opportunity for us. So that is why we are very focused on the cost. “
Exciting new market
Billings called Wynn Marjan Island “The most exciting new market for our industry in decades” and said that construction has reached the 35th floor of a 1,000 foot tower and that more than 4.6 million square meters of concrete and steel are in place.
Billings referred to the latest openings of Fontainebleau Las Vegas and Durango in the assessment when pushing forward in the vacant country.
“The market is currently absorbing capacity from two openings for the last four or five years. And we have to make sure that we are able to do something that takes up an adjoining customer base. We obviously do not want to cannibalize ourselves and we do not want to create, you know, Wynn Las Vegas 2.0, “he said.
“So we have to make sure that we have our market positioning right and we have a very clear picture of what that market position is. We have done early studies and early Doodles, if you want, about what we think land can hold. And you know, at this time I would say to keep you updated. Again, we would appreciate it if everyone was equally focused on Wynn Al Marjan as we are because that is quite the opportunity and we will see how we continue from there. “
Billings and Wynn Resorts Chief Operating Officer Brian Gullbrants said that the opening of the private membership Zero Bond Club is on the horizon this year in Las Vegas and the company is also expected to invest in late summer renovation of hotel rooms in Encore Tower. Gullbrants said that the renovation is expected to be led floors with floors with closures on the floor above and the floor during the renovation site to minimize interference for the guests.
Wynn Resorts reported a net profit of $ 322.4 million, $ 2.29 per share, on revenue of $ 1.84 billion, for the quarter that ended December 31, and flat against the previous year, partly ascribed Formula 1 presence and room prices from 2023.
Wynn shares, which were traded on Nasdaq Exchange, increased by $ 2.10 per share, 2.7 percent, T0 $ 80.47 per share on volume more than three times the daily average.
Contact Richard N. Velotta at rvelotta@ theplayerlounge.com or 702-477-3893. Follow @rickvelotta at X.
