{"id":264778,"date":"2023-03-16T16:52:30","date_gmt":"2023-03-16T21:52:30","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=264778"},"modified":"2023-03-17T13:10:13","modified_gmt":"2023-03-17T18:10:13","slug":"wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/","title":{"rendered":"Wynn Sees UAE Construction Starting in Weeks, Bullish on Macau"},"content":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) expects that construction on its casino resort on Al-Marjan Island in the United Arab Emirates (UAE) will commence in a matter of weeks, forecasting a 2027 debut.<\/p>\n

\"Wynn
Wynn and Encore on the Las Vegas Strip. Wynn CFO Julie Cameron Doe said construction on the operator’s UAE project will soon start. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

Wynn CFO Julie Cameron Doe made related remarks at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum, which was held this week in Las Vegas. The Encore operator is an equity investor in, and the operator of, what will be the first Las Vegas-style gaming venue in the Arab world.<\/p>\n

\n

Last year, Wynn announced it’s partnering with local hotel developer RAK Hospitality Holding LLC on the project, the first gaming venue in the UAE. It\u2019s believed the casino resort on the man-made island will cost at least $2 billion,<\/a>\u00a0and that the Las Vegas-based company\u2019s interest in the venture will work out to be a third.<\/p>\n<\/div>\n

Earlier this month, it was reported that Wynn registered trademarks<\/a> for \u201cArabian Strip\u201d and \u201cMarjan Strip\u201d for use with the UAE property.<\/p>\n

Wynn Macau Rebound Impressive<\/h2>\n

Data confirm that Wynn is among the concessionaires<\/a> gaining market share in Macau. That’s as the Chinese territory sharply rebounds from what was a gloomy three-year stretch caused by the coronavirus pandemic and ensuing restrictions deployed by the Chinese Communist Party (CCP).<\/p>\n

At the conference, Doe told J.P. Morgan analyst Joseph Greff that Wynn is well-positioned to continue benefiting from the Macau resurgence, because Wynn Palace — one of the operator\u2019s two properties there — is one of the newest venues in the special administrative region (SAR). Greff noted Wynn Macau\u2019s decision to not lay off workers during coronavirus lethargy was a smart move, because the operator isn\u2019t vulnerable to labor squeezes.<\/p>\n

As such, while there will be some ramp in [operating expenses] to correspond with higher demand,\u201d<\/strong> observed the analyst. \u201cWYNN should see a more meaningful EBITDA inflection as revenues step up.\u201d<\/strong><\/p><\/blockquote>\n

Still, the advancement of the UAE project is vital for Wynn\u2019s long-term trajectory, because as its portfolio currently stands, it runs two Macau venues and three in the US, with the Macau duo doing much of the heavy lifting.<\/p>\n

Wynn’s US Outlook<\/h2>\n

At the J.P. Morgan conference, Doe sounded a bullish tone on Wynn\u2019s US operations, including on the Las Vegas Strip and at Encore Boston Harbor.<\/p>\n

Greff noted that elevated midweek occupancy can help Wynn boost margins, while marquee 2023 events, such as the November F1 race in Las Vegas, give the operator leeway to increase room prices.<\/strong><\/p>\n

At Encore Boston Harbor, which is already one of the highest-grossing domestic casino hotels outside of Las Vegas, Doe said additional parking, expansion<\/a> of the property, and the recent launch of sports wagering in Massachusetts are potential catalysts for adding share in that market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) expects that construction on its casino resort on Al-Marjan Island in the United Arab Emirates (UAE) will commence in a matter of weeks, forecasting a 2027 debut. Wynn CFO Julie Cameron Doe made related remarks at the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum, which was held this […]<\/p>\n","protected":false},"author":46,"featured_media":250969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,81883],"tags":[81913,81897,82205],"acf":[],"yoast_head":"\nWynn CFO Bullish on Macau, Sees UAE Build Starting Soon<\/title>\n<meta name=\"description\" content=\"Wynn UAE project starting construction in weeks, says CFO Julie Cameron Doe.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn CFO Bullish on Macau, Sees UAE Build Starting Soon\" \/>\n<meta property=\"og:description\" content=\"Wynn UAE project starting construction in weeks, says CFO Julie Cameron Doe.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-16T21:52:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-17T18:10:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/\",\"name\":\"Wynn CFO Bullish on Macau, Sees UAE Build Starting Soon\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wynn.jpg\",\"datePublished\":\"2023-03-16T21:52:30+00:00\",\"dateModified\":\"2023-03-17T18:10:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn UAE project starting construction in weeks, says CFO Julie Cameron Doe.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-cfo-bullish-on-macau-sees-uae-build-starting-soon\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/wynn.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Wynn and Encore on the Las Vegas Strip. 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