{"id":327237,"date":"2024-08-06T18:38:39","date_gmt":"2024-08-06T23:38:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=327237"},"modified":"2024-08-06T18:38:39","modified_gmt":"2024-08-06T23:38:39","slug":"wynn-interested-in-thailand-casino-says-uae-resort-progressing","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/","title":{"rendered":"Wynn Interested in Thailand Casino, Says UAE Resort Rapidly Progressing"},"content":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) today said it would be interested in bidding for a casino permit in Bangkok while noting construction on its integrated resort in the United Arab Emirates (UAE) is progressing at a brisk pace.<\/p>\n

\"Craig
Wynn Resorts CEO Craig Billings. He said the company is making fast progress on its UAE casino hotel and is interested in Thailand. (Image: Wynn Resorts)<\/figcaption><\/figure>\n

The Las Vegas-based company previously confirmed interest<\/a> in Thailand, but comments made by executives to that effect on a conference call with analysts this afternoon are among the operator\u2019s most over to date on the matter.<\/p>\n

We would pursue it out of Wynn Resorts out of the U.S.-listed entity,\u201d said CEO Craig Billings in response to a question from Morgan Stanley analyst Stephen Grambling. \u201cIt’s still early days. You’re right, there has been progress, and it’s encouraging to see, and it seems as though the legislators in Thailand really want to get this moving, which is great.\u201d<\/p><\/blockquote>\n

In prepared remarks earlier on the call, Billings identified Bangkok as the city Wynn is likely to focus on in pursuit of a Thailand casino license. That\u2019s country\u2019s capitol city and its largest by population.<\/strong><\/p>\n

Good Timing for Wynn to Comment on Thailand<\/h2>\n

In what\u2019s no more than interesting coincidence, Wynn\u2019s second-quarter earnings report arrived a day after Thai politicians posted draft rules<\/a> pertaining to casino gaming in the country. Citizens there have until Aug. 18 to comment on the matter.<\/p>\n

\n

Those rules include a proposed 30-year licensing period and a mandate that casinos command just 5% of integrated resorts\u2019 overall square footage. The Thai government is also seeking the concessionaire model akin to what\u2019s used in Macau, meaning the government would essentially be a partner of gaming companies operating casinos there.<\/p>\n<\/div>\n

Those are among the details that are known at this point, but they haven\u2019t been formally approved, meaning gaming companies and their executives are still in wait-and-see mode on Thailand.<\/p>\n

\u201cWe need to see more details on the regulatory and licensing structures, but the market is an attractive market, and it’s probably conducive to meaningful investment, pending, again, a deeper understanding of the regulatory and licensing structure, you have amazing tourism infrastructure, you have a really strong service culture and a favorable operating expense, structure available in that market,\u201d added Billings on the call. \u201cSo we’re continuing to monitor the process very, very closely and we’re active on the ground there.\u201d<\/p>\n

Wynn Touts UAE Progress<\/h2>\n

In the second quarter, Wynn contributed $357 million of its equity to the Wynn Al Marjan Island project in the United Arab Emirates (UAE). That include the acquisition of a 40% pro rata share of 155 acres on the island on which the venue is being built.<\/p>\n

\u201cAs a result, our joint venture now owns not only the land under Wynn Al Marjan, but also 70-plus acres of land for potential future development on the Island,\u201d noted Billings. \u201cOf course, we have banked land before in the US and Macau, and we are confident that acquiring this sizable Al Marjan land bank will prove valuable over the long term.\u201d<\/strong><\/p>\n

Hotel construction is now up to the 15th<\/sup> floor and stands at 90 meters, making the Wynn venue already tallest building in that Emirate. Last week, the General Commercial Gaming Regulatory Authority (GCGRA) approved a lottery in Abu Dhabi<\/a> — a move some industry observers expect will pave the way for approval of casino gaming. Should that happen, Wynn could have a significant head start on rivals eyeing the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts (NASDAQ: WYNN) today said it would be interested in bidding for a casino permit in Bangkok while noting construction on its integrated resort in the United Arab Emirates (UAE) is progressing at a brisk pace. The Las Vegas-based company previously confirmed interest in Thailand, but comments made by executives to that effect on […]<\/p>\n","protected":false},"author":46,"featured_media":206807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62,33810],"tags":[81913,81897,81898],"acf":[],"yoast_head":"\nWynn Interested in Thailand Casino, Says UAE Resort Progressing<\/title>\n<meta name=\"description\" content=\"Wynn Interested in Thailand Casino, Says UAE Resort Progressing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Interested in Thailand Casino, Says UAE Resort Progressing\" \/>\n<meta property=\"og:description\" content=\"Wynn Interested in Thailand Casino, Says UAE Resort Progressing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/\" \/>\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=\"2024-08-06T23:38:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\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-interested-in-thailand-casino-says-uae-resort-progressing\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/\",\"name\":\"Wynn Interested in Thailand Casino, Says UAE Resort Progressing\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg\",\"datePublished\":\"2024-08-06T23:38:39+00:00\",\"dateModified\":\"2024-08-06T23:38:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Interested in Thailand Casino, Says UAE Resort Progressing.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Wynn Resorts CEO Craig Billings. He said the company is making fast progress on its UAE casino hotel and is interested in Thailand. (Image: Wynn Resorts)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Asia Pacific Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/asia-pacific-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Wynn Interested in Thailand Casino, Says UAE Resort Rapidly Progressing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Wynn Interested in Thailand Casino, Says UAE Resort Progressing","description":"Wynn Interested in Thailand Casino, Says UAE Resort Progressing.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/","og_locale":"en_US","og_type":"article","og_title":"Wynn Interested in Thailand Casino, Says UAE Resort Progressing","og_description":"Wynn Interested in Thailand Casino, Says UAE Resort Progressing.","og_url":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2024-08-06T23:38:39+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/","url":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/","name":"Wynn Interested in Thailand Casino, Says UAE Resort Progressing","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg","datePublished":"2024-08-06T23:38:39+00:00","dateModified":"2024-08-06T23:38:39+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Wynn Interested in Thailand Casino, Says UAE Resort Progressing.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/CB.jpg","width":1920,"height":1080,"caption":"Wynn Resorts CEO Craig Billings. He said the company is making fast progress on its UAE casino hotel and is interested in Thailand. (Image: Wynn Resorts)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/wynn-interested-in-thailand-casino-says-uae-resort-progressing\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Asia Pacific Gaming","item":"https:\/\/www.casino.org\/news\/asia-pacific-gaming\/"},{"@type":"ListItem","position":3,"name":"Wynn Interested in Thailand Casino, Says UAE Resort Rapidly Progressing"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/327237"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=327237"}],"version-history":[{"count":3,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/327237\/revisions"}],"predecessor-version":[{"id":327240,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/327237\/revisions\/327240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/206807"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=327237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=327237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=327237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}