The CEO of Wynn Resorts said in an interview with Bloomberg that the gaming and tourism group intends to build more hotel rooms in the Macau SAR, with understudy plans to develop sports facilities , artistic and cultural attractions, or even rooms designed to encourage medical tourism.
In the interview, Craig Billings noted that the band intends to expand into new ventures and focus on younger and affluent customers, including non-gamers, as it changes course by compared to that established by the former CEO, Steve Wynn.
Following a series of sexual harassment allegations, Wynn resigned in February 2018 as president and CEO of Wynn Resorts and Wynn Macau, with Matt Maddox taking over but then leaving the position for Billings, who was officially appointed in January 2022.
If Wynn Macau successfully secures a new gaming license in the SAR this year, the new CEO warned that it would be a very different business environment, with the SAR government requiring greater investment in non-gaming facilities.
The current deadline for the expiry of the city’s six gaming concessions and sub-concessions is due to expire on June 26, but local authorities have already indicated that it will be extended by six months until December 31.
The highly anticipated Gaming Bill was approved by the AL in January this year and is currently undergoing committee review, with a public tender to be prepared and carried out once approved.
Wynn Macau saw total revenue jump 32% year-on-year in 2021 to US$626 million, with real estate adjusted EBITDA falling from a negative US$87.1 million in 2020 to a positive amount of 4.2 million US dollars at the end of last year.
In 2019, Wynn Resorts announced its Crystal Pavilion project, a 650-room associate hotel tower for the southern portion of the Wynn Palace government land grant with an initial total budget of US$2 billion.
The following year, Wynn Macau Vice President and Executive Director Linda Chen revealed that the design phase of the project had already been completed, but the group has not provided any updates on the project since then.