Wynn Resorts Announces Expansion Plans for Thailand and UAE
Wynn Resorts has revealed its plans for global expansion after announcing that it had a record-breaking second quarter this year.
Wynn Resorts reveals expansion plans for Thailand and UAE.
LISTEN TO THIS ARTICLE:The company achieved its highest-ever Q2 EBITDA, reaching $572 million, driven by strong performances at its Las Vegas, Boston, and Macau locations.
The company has said that it is exploring new markets with plans to expand into Thailand and the UAE. During an earnings call, CEO Craig Billings mentioned that potential profits in Thailand remain uncertain due to unknown tax rates. However, he expressed confidence in the UAE project.
The Wynn Al Marjan Island project in the UAE is progressing quickly, with the hotel construction now reaching the 15th floor. This structure, now over 90 meters high, is among the tallest in the Emirate. Wynn Resorts has recently invested $357 million into its UAE joint venture, purchasing significant land for future growth.
Record-Breaking Performance in Las Vegas
In Las Vegas, Wynn Resorts achieved a new high in the second quarter with $230 million in adjusted property EBITDA. This was driven by a 16% increase in hotel earnings, an 8% rise in slot machine usage, and strong table game performance. Encore Boston Harbor also saw solid results, generating $62 million in adjusted property EBITDA despite lower-than-usual table game winnings. Both locations continue to see high demand and consistent revenue.
The Macau gambling market continues to be a crucial factor for Wynn Resorts, contributing $280 million in EBITDA in Q2. Wynn is also enhancing its offerings in Macau with new dining concepts and special programs, while a large food hall is due to open in 2025.
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Expansion Plans in Major Cities
Wynn Resorts is also looking to grow by utilizing its land in Las Vegas and exploring opportunities in major cities such as New York and Bangkok. The company aims to maximize returns and ensure sustainable growth, supported by its strong performance and disciplined capital deployment.
Wynn Resorts is not alone in its interest in Thailand and the UAE. MGM Resorts International has also announced expansion plans in these regions. In March, MGM’s CEO, Bill Hornbuckle, discussed opportunities in the UAE, Thailand, and New York. Despite pausing its Dubai casino project, MGM continues its hotel operations and is ready to pivot to gaming if regulations allow.
Hornbuckle also expressed interest in Thailand following legislative support for casino gaming and noted MGM’s presence in the region. In New York, MGM aims to secure one of three downstate casino licenses, planning construction by mid-2026 if successful.
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