Even without its namesake founder at the helm,casino operator Wynn Resorts can still pull off ambitious property designs. The company announced on Wednesday plans for its US$2 billion expansion of Wynn Palace, its casino resort on Macau’s Cotai Strip, which included non-gaming assets such as a “270-degree fully-immersive entertainment theater”, a world-class art museum and a luxury food hall that offers regional Asian delicacies.
The company is clearly confident about the future. The expansion will add 1300 hotel rooms to serve 7 to 10 million visitors annually in a complex centered on a glass-and-steel landscaped “Crystal Pavilion”. Construction is likely to start in late 2021 – just before the 20-year concessions expire – and is expected to take at least three years. A further US$125 million investment will go into renovating 400 hotel rooms and the entertainment space at Wynn Macau, its original resort, which is expected to finish by the end of this year.
Last year, mass market and non-gaming sales accounted for 71% of Wynn’s Ebitda in Macau, up 7% over 2017, according to company data. Wynn says it expects gaming revenues would grow at a 3.5% compound annual growth rate through 2021.