Advance bookings at Wynn, Encore trending up, execs say
Wynn Resorts Ltd. was running on all cylinders during its second quarter and CEO Craig Billings said that bodes well for the company’s next big project in the United Arab Emirates.
“Our second-quarter results reflect continued strength in North America and Macao,” Billings said in the company’s conference call with investors Wednesday.
“In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second-quarter record for adjusted property (cash flow) at our combined North American properties. In Macao, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses.”
In Las Vegas, Wynn and Encore are gearing for two major events, the Formula 1 Las Vegas Grand Prix and Super Bowl , which are expected to be a perfect match for the Wynn customer demographic, Billings said.
In the call with investors, executives said advanced bookings are trending ahead of last year even without the two major special events.
“These kinds of events are made for us, because we take top-end customers since we skew to luxury,” Billings said. “So far, so good.”
Billings clarified for investors that the company’s project at Al Marjan Island in the United Arab Emirates will be “a must-see tourism destination,” definitely has a gaming component.
He said most of the UAE prohibits casino gambling, but the Ras Al Khaimah emirate does not. Billings indicated Wynn is weeks away “from having everything we need” to legally bring gaming to the resort.
“It’s the most exciting new market in decades and we’ll be bringing our A-game to it,” Billings said.
The 1,500-unit, $3.9 billion Wynn Al Marjan Island resort is expected to open in 2027 and will include a 1,000-foot waterfront tower on the Arabian Gulf inlet of the Persian Gulf.
Billings said the company’s other properties operated extremely well during the quarter that ended June 30.
In Macao, where the company operates Wynn Macau and Wynn Palace, revenue and cash flow were up dramatically as the market rebounds from COVID-19 closures and restrictions. Wynn signed a license renewal agreement with the government last year and has committed to nongaming improvements to attract more international visitors.
In Everett, Massachusetts, where Wynn operates Encore Boston Harbor, work continues on East of Broadway a 13-acre, $1.7 billion expansion across a street, Broadway, from the established casino.
Wynn shares, traded on the Nasdaq exchange, were down $1.52, 1.5 percent, to $101.55 a share on slightly-above-average volume Wednesday.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X, formerly known as Twitter.