Wynn Resorts CEO says priority on UAE, Thailand for growth strategy

February 14, 2025

Wynn Resorts CEO says priority on UAE, Thailand for growth strategy

Wynn Resorts is advancing its expansion efforts, with its upcoming integrated resort in the United Arab Emirates (UAE) taking centre stage. Speaking with analysts during the company’s 4Q24 earnings call, CEO Craig Billings emphasised the project’s potential, calling it “the most exciting development project in the industry.” He added that the UAE could become a “$3 billion to $5 billion gaming market over time and certainly the most exciting new market for our industry in decades.”

Construction on the Wynn Al Marjan resort is progressing rapidly, with work reaching the 35th floor. Billings noted that over 4.6 million square feet of concrete and steel have already been established. To strengthen its brand presence in the region, Wynn Resorts also acquired Aspinalls in Mayfair, London, which Billings described as “a small but strategic asset” to engage with high-value customers who frequent both locations.

Thailand: A potential new market

Wynn Resorts is also eyeing Thailand as another possible expansion destination. Billings mentioned that the company is “actively exploring and well positioned to capitalise on additional new market opportunities in attractive gateway cities.” Although he did not specify locations, industry analysts suggest that Thailand’s emerging casino market could be a target for the company, given the country’s ongoing discussions on legalising integrated resorts.

Last month, the Thai government has advanced a landmark initiative to legalise gambling and casinos, with the cabinet’s approval of the Entertainment Complex Bill to bolster tourism, increase state revenue, and create jobs. Prime Minister Paetongtarn Shinawatra has positioned this initiative as a cornerstone of Thailand’s strategy to enhance its global entertainment and tourism hub appeal.

Las Vegas and Boston: Steady performance amid challenges

In its home market of Las Vegas, Wynn Resorts maintained strong gaming and non-gaming revenue despite challenges such as declining room rates during the Formula 1 (F1) event. In the earnings call transcript, Billings noted that the company’s gaming market share increased, with slot handle up by 13 percent. “Our daily EBITDA during the 2024 event remained materially elevated relative to the years before F1 was a fixture in the market,” he stated.

Encore Boston Harbor generated $58.8 million in EBITDA in Boston, with slot handle increasing by 6 percent to set a new record for slot revenue. The company successfully offset union-related payroll increases through cost efficiencies, with Billings noting that “the property’s best days are ahead.”

Macau: Optimising for long-term growth

Macau operations generated $293 million in EBITDA during Q4 2024, reflecting a 1 percent year-over-year decline but an 11 percent sequential increase. Wynn has been focusing on cost efficiency and reinvestment strategies, including the rollout of digital tables and data-driven marketing.

Billings highlighted ongoing enhancements, such as the expansion of the Chairman’s Club at Wynn Macau and the upcoming launch of a Destination Food Hall at Wynn Palace. He noted that January saw a “healthy mass table drop, strong direct VIP turnover and full occupancy in the hotels.”

Wynn Resorts continues repurchasing shares, having repurchased $200 million in Q4 and another $150 million in early Q1 2025. “We will continue repurchasing our equity because we believe the return profile on those repurchases is meaningful,” Billings said. The company’s liquidity remains strong, with $3.5 billion in available cash and revolver availability as of 31 December 2024.