Wynn Macau experiences robust market rebound in 4th quarter

The casino operator Wynn Macau Ltd. announced a robust market rebound in the fourth quarter, with the mass-market table games decline in October 2019 at 124% of its pre-pandemic level.

The optimistic trends were mentioned by Craig Billings, CEO of Wynn Resorts Ltd., the parent company of Wynn Macau Ltd., during the third-quarter earnings call. The company saw widespread success in the third quarter across all of its assets, with some significant industries surpassing 2019 levels.

Wynn Macau Ltd. reported a 98 percent hotel occupancy rate, outstanding tenant retail sales, and a 24 percent growth in mass drop in October. The first six days of October, which encompassed mainland China’s autumn Golden Week holiday, contributed to the outstanding outcomes. Wynn Macau Ltd is in charge of both Wynn Macau on the peninsula and Wynn Palace in the Cotai resort area.

Mr. Billings also spoke about a project he was working on in Macau with Illuminarium, a company that offers 4K laser-based entertainment. An exciting multimedia display area will be created as a consequence of our collaboration and open before the year is out.

Over the length of its ten-year Macau concession, Wynn Macau Ltd. has committed to spending at least MOP17.7 billion (US$2.20 billion), mostly for non-gaming and international market growth initiatives.

Regarding activities in the United Arab Emirates, Mr. Billings gave an update on the Wynn Al Marjan Island project in Ras Al Khaimah. Although the United Arab Emirates is considering legalizing the casino sector, Mr. Billings highlighted the cultural distinctions and varying levels of desire for more tourists throughout the Emirates. The firm expects the applicable gaming regulations, which are currently in draft form, to be passed soon.

Speaking about the cost of doing business in Macau, Mr. Billings said that although reinvestment rates could differ, they haven’t been particularly high or unreasonable. Wynn Macau Ltd is excited about its accomplishments and upcoming projects in Macau and the UAE, despite the challenges.

Original story by: GGRAsia