Wynn has been operating in Macau for a while but still has expansion plans. At the moment, the company runs about 2/3 of its activities in the region and wants to continue in the same way. Wynn Resorts plans to spend about $2 billion on a new complex, Crystal Pavilion. However, industry experts are not sure about its success.

Future Venue

Hotel Wynn Macau

According to plans, the new casino complex will be situated near Wynn Palace as a must-see location. The construction will kick off in 2021 and will last until 2024. Wynn representation claims that Crystal Pavilion will include “an innovative architectural design with an all-glass structure; two-phased hotel towers with a total of (approximately) 1,300 rooms and suite and one-of-a-kind public entertainment attractions.”

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The new venue will feature two hotel towers, space for performance, garden and interactive sculptures. It will also include a mammoth museum and theatre.

Analysts Feedback

According to the JPMorgan analysts, there are some concerns related to the project:

“Target return on investment is 15 to 20 percent, implying incremental EBITDA [earnings before interest, taxation, depreciation and amortization] of U.S. $300 million to U.S. $400 million from phase one. It will mean a 35-percent to 47-percent boost in the trailing 12-month EBITDA at Wynn Palace which seems a bit aggressive for primarily non-gaming expansion.”

Additional concerns are connected to Wynn Resorts simultaneous projects. The company has just kicked off Encore Boston Harbor in Massachusetts and seeks a gaming license in Japan. If Wynn becomes selected for an integrated resort in Japan, the construction will probably start within one to two years.

Namura analysts noted:

“Wynn’s ‘discretionary free cash flow’ target of U.S. $1.68 billion, or U.S. $16 per share, in 2021 is a consolidated number,” adding, “Adjusting for non-controlling interests in Macau, we estimate Wynn’s ‘true’ free cash flow per share target in 2021 is closer to U.S. $11.40 per share.”

Wynn Resorts still has to prove its value and integrity. The Macau concession ends in 2022 and the company will be looking for renewal. A Japanese integrated resort could also be a good fit despite competition. We wait to see what will happen in the near future…

Source:

“Wynn Resorts to spend $2B in Macau, but analysts are concerned“, Erik Gibbs, calvinayre.com, July 12, 2019.

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Bold ambitions

Wynn Resorts announced their plans to secure a resort casino license in Japan so they can build the largest one of its kind in the world. The announcement was made at a recent press conference at the Wynn Resorts-owned Encore Boston Harbor Casino in Massachusetts.

The casino giant is increasing its lobbying efforts to try and obtain one of three licenses available in the country.

Wynn Resorts Development Japan President Chris Gordon believes Japan will soon be the third-largest gambling market in the global, just behind Nevada and Macau. He also sees Japan’s push to massively increase tourism levels in the next two decades as being a great sign. Gordon was also reported as saying:

It’s also a society that has had an interest in gaming. They certainly have gaming now, with pachinko, horses, and motorboats.”

Stiff competition

The regulatory framework for the casino resort sector in Japan is still to be finalized. It was only at the tail end of 2018 that a bill got approval to legalize these types of casinos.

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Most of the other major casino companies across the world are also vying for one of these licenses. Caesars Entertainment only recently pulled out of the race.

Grand designs

Gordon has not revealed how much the casino company is willing to spend on developing such a massive casino resort. However, he has said there would be extensive spaces for exhibitions, conventions, and meetings.

Gordon estimates that if Wynn Resorts won the Osaka license, the size of the casino would range from two million to three million square feet. This would make it approximately eight times bigger than the Encore Boston Harbor Casino, which cost $2.6bn to develop.

the development cost would be around $8-9bn

In 2016, Wynn opened their Macau Cotai casino resort, which cost $4.2bn. Gordon claims the investment would be much larger than this for a resort casino in Japan. The reason he does not yet have a more exact figure is due to the extensive design variables they have yet to consider.

Previously, Wynn Resorts said to investors that, if they were successful in obtaining a casino license in Japan, the development cost would be around $8-9bn.

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General preference for Osaka

Wynn Cotai Macau

Japan is trying to diversify its economy and become more attractive to tourists. One of the ways in which it is looking to increase visitor numbers is through the expansion of their gambling system.

Wynn Macau News

However, the Japanese public is largely not in favor of gambling. Only two major cities, Yokohama and Osaka, have publicly put their hat in the ring for one of the three licenses.

Wynn Plans New Casino Macau Casino

Las Vegas Sands and MGM Resorts International are focusing their attention mainly on these two cities. MGM Resorts have even opened offices in Osaka and partnered with local companies to try and cement their position in the city. Osaka has a lot going for it in terms of existing tourist levels and playing host to the World Expo in 2025.<