‘It’s a matter of when, not if we develop land in Las Vegas,’ Wynn CEO says
Wynn Resorts Ltd. has no immediate plans to develop land it owns across from its existing Las Vegas campus, but “it’s a matter of when, not if we develop land in Las Vegas,” CEO Craig Billings said.
The company has approved plans to build a third tower to include a 1,100 room resort, with a 28,000-square-foot casino and 85,000 square feet of convention space on a 34.6-acre site across Las Vegas Boulevard from Wynn’s main campus.
Also in a development holding pattern are prospective projects in New York and Thailand, which Billings confirmed in a Tuesday earnings call that the company has interest in pursuing. Wynn, like several other casino companies, is awaiting New York authorities to make decisions on awarding three downstate New York casino licenses. There are indications the state won’t act on them until later this year or in early 2025.
Work continues on Wynn’s newest project in the United Arab Emirates as the Las Vegas company on Tuesday reported higher revenue, net income and cash flow in Las Vegas and Macao.
“Our second quarter results, including a new second quarter record for adjusted (cash flow), reflect continued strength throughout our business,” Billings said in a release on earnings for the quarter that ended June 30.
“Importantly, we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace,” Billings said. “During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan.”
During a Tuesday call with investors, Billings said construction on the nearly 1,000-foot tall, 1,542-room property has reached about 300 feet to the 15th floor. Construction crews expect the building to top out by the fourth quarter with completion and opening in 2027.
The property, designed by the 90-person Wynn Design and Development team, is on the Arabian Gulf and is the first integrated resort in the Middle East-North Africa region. When completed, the resort will have 22 lounges, bars and restaurants, a retail area of more than 161,000 square feet with luxury boutiques, a spa and salon, a tropical landscaped beachfront poolscape, an 80,000-square-foot meeting and conference center, and a casino that will be regulated by the UAE’s General Commercial Gaming Regulatory Authority.
Wynn is partnering with Marjan and RAK Hospitality Holding on the 154-acre island resort.
The company also announced Tuesday that it is financing a land bank for future development projects in the UAE, a strategy the company has used successfully in Las Vegas and at Encore Boston Harbor in Massachusetts.
This article was updated on Aug. 8 with additional information.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.