Wynn Resorts to Concentrate Investments Outside the US
Wynn Resorts has indicated that its investment strategy will prioritize developments outside the US. Its particular focus is on its Wynn All Marjan Island project in the United Arab Emirates and potential opportunities in Thailand.
LISTEN TO THIS ARTICLE:During the company's fourth-quarter earnings call for 2024, the topic of future expansion was a key focus, with analysts inquiring about Wynn's projects in New York City and the recent acquisition of Crown London (Aspinalls) in London from Australia's Crown Resorts. CEO Craig Billings emphasized that any expansion of its Las Vegas assets would be deferred as resources are concentrated on international growth initiatives.
Related: Wynn Resorts Starts Construction on First Casino in the UAEBillings addressed questions regarding the company's undeveloped land holdings in both Las Vegas and the UAE, explaining that while the company has opportunities for domestic expansion, it is prioritizing international ventures. From a capital allocation and project management standpoint, he explained that the company must be selective in undertaking multiple large-scale developments simultaneously.
Wynn Resorts is positioning itself to take advantage of new markets, particularly in Asia and the Middle East. Billings noted that if Thailand advances plans to allow integrated resorts, the company wants to be well-positioned to participate.
He also pointed out that Wynn currently holds a substantial land bank in Al Marjan, similar to what the company held in Macau in the mid-2000s, which proved to be a key asset as the Macau market developed into a major gaming destination. Wynn is also actively pursuing opportunities in New York, but the company is maintaining a disciplined approach in evaluating the feasibility and potential returns of that market.
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UAE Poised to be Wynn Goldmine
The Wynn All Marjan Island development is at the center of the company's current international strategy. The project, valued between $3 billion and $5 billion, represents a major investment in a brand-new market that Wynn believes has strong potential for growth. Billings described this as a key focus for the company at the moment, emphasizing the significance of establishing a foothold in an emerging luxury gaming and hospitality destination.
In addition to the UAE project, Wynn Resorts has also integrated its recent acquisition of Crown London (Aspinalls) into its broader international business strategy. Billings stated that the London property would be linked to the Wynn All Marjan Island development and that its financial results would be incorporated into the UAE operation once it's completed.
He explained that this acquisition was part of a broader effort to establish a presence in a major global gateway city and to build a meaningful business in a region with significant wealth concentration.
The combined presence of Wynn All Marjan Island and Crown London is expected to serve a highly affluent customer base. Billings highlighted that the region covered by these two properties includes approximately 3.5 million people and a significant portion of the world's high-net-worth individuals. He added that Aspinalls should be considered as an extension of Wynn All Marjan Island, with the London property reporting directly to the UAE resort's operations.
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