Scientific Game

2017 Inside Asian Gaming Power 50: Number Five - Steve Wynn

Tuesday, 05 December 2017 13:27
Share
Visit us


5 Steve Wynn

CHAIRMAN AND CEO
Wynn Resorts Ltd

CHAIRMAN AND CEO
Wynn Macau Ltd

POWER SCORE
3,375

LAST YEAR
5

CLAIMS TO FAME
• Pioneer of the integrated resort concept
• A visionary who helped reinvent Las Vegas as a destination
• Renowned for setting new standards in luxury, service and operational expertize
• Launched Macau’s most expensive IR, Wynn Palace, in 2016

Given the widespread uncertainty that still lingered over the Macau gaming market when Wynn Resorts opened its US$4.2 billion Wynn Palace in August 2016, it stands to reason that Steve Wynn is feeling a whole lot better about life as 2017 draws to a close.

Riding high on the wave of Macau’s surprisingly strong recovery – itself led by the VIP segment in which Wynn has traditionally shone – the company has seen revenues steadily climbing over the past year including a 47.9% surge in the first quarter to US$1.48 billion, 44.5% in the second quarter to US$1.53 billion and 45.3% in the third to US$1.61 billion.

Of course, the addition of Wynn Palace was the driving force behind the uptick with Macau now contributing around 70% of all Wynn Resorts revenues. But the quicker-than-expected ramp-up of Wynn Palace has impressed analysts, even while its sister property on Macau’s Peninsula struggles to maintain similar momentum.

Commenting on the company’s most recent 3Q17 results announcement, which saw Wynn Palace contribute revenues of US$555.3 million, Union Gaming’s Grant Govertsen said, “Having delivered $138mm in EBITDA, Wynn Palace continues to ramp nicely with all segments demonstrating notable sequential improvement and the greatest strides in VIP and premium mass.

“We expect growth at the high-end to continue … as well as in terms of premium mass with a greater number of hotel rooms being allocated to these players who are also driven, in part, by the flight to quality dynamic.”

Mr Wynn himself has long maintained that Wynn Palace won’t fully realize its potential until at least 2019 due to major construction works nearby that has impacted access. Those works include SJM’s Grand Lisboa Palace which is scheduled to open in 2019, the light rail system around the same time and MGM Cotai, whose doors will open in January 2018.

“All of this has constrained the traffic flow into the Palace,” he repeated during the company’s recent earnings call. “You can look at this two ways. You could say it’s been a tough break for us to have to live with this in our first year of operation or you could say we’re doing very well.

“And it portends to be an even better result as our neighbors get up and running and we have the benefit of their connections.”

The big unknown for now is Japan. Perhaps the most intriguing of all international contenders for a Japan casino license, it has been suggested that the company’s history with controversial Japanese gaming mogul Kazuo Okada might deter nervous local lawmakers.

Then again, any proposed IR in Japan is expected to be luxury at its finest – and few can match Wynn in that regard.

To return to the full list of 2017 Asian Gaming Power 50 winners, click here.

What's new

Sands China assists Holy House of Mercy with post-typhoon aid

Sands China assists Holy House of Mercy with post-typhoon aid Sands China Ltd presented a cheque for just over MOP$2 million to Macau Holy House of Mercy on Tuesday to help with the cost of restoring its elderly home, which was severely damaged when Typhoon Hato tore through Macao in August. Sands China Ltd. President Dr Wilfred Wong and Vice President of Cor... Wednesday, 13 December 2017 05:59
Galaxy Macau and Broadway Macau win top marks at 2017 Quality Tourism Services Accreditation Scheme Galaxy Macau and Broadway Macau have won 13 distinct honors from the established Quality Tourism Services Accreditation Scheme (QTSAS) ceremony organized by Macao Government Tourism Office (MGTO). As a third-year winner, these awards further reinforce the resort’s leading position in providing t... Wednesday, 13 December 2017 05:56

International Table Tennis Federation eyes betting integrity with new Sportsradar partnership

International Table Tennis Federation eyes betting integrity with new Sportsradar partnership The International Table Tennis Federation (ITTF) has signed a new integrity partnership with Sportradar which will see it utilize the organisation’s vital monitoring, intelligence and prevention solutions to help safeguard the sport against match fixing. The partnership will see hundreds of match... Wednesday, 13 December 2017 05:46
Norwegian Cruise Line Holdings announces transfer to the New York Stock Exchange Norwegian Cruise Line Holdings Ltd has announced the pending transfer of its ordinary shares from the Nasdaq Global Select Market to the New York Stock Exchange. In a press release, the company said it expects to begin trading on the NYSE on 19 December 2017, under its current ticker symbol “NCLH... Wednesday, 13 December 2017 05:40

Current Issue

2017 Inside Asian Gaming Power 50: Meet the Selection Panel

2017 Inside Asian Gaming Power 50: Meet the Selection Panel Andrew W Scott CEOInside Asian Gaming Inside Asian Gaming’s CEO first entered a casino in 1986, fell in love with the surrounds and has been around them ever since. Andrew founded World Gaming Group and launched WGM in 2009, took over IAG in 2015, debuted a third magazine called High Life in ... Tuesday, 05 December 2017 19:28

2017 Inside Asian Gaming Power 50: Ten Years On

2017 Inside Asian Gaming Power 50: Ten Years On A decade of making the Asian Gaming Power 50 By Andrew W ScottIAG Asian Gaming Power 50 selection panel Chairman EVERY year for the last decade, Inside Asian Gaming has completed a task that is fascinating, exhilarating, intellectually stimulating and industry-defining whilst simultaneously bei... Tuesday, 05 December 2017 19:12

2017 Inside Asian Gaming Power 50: Number 19 -  James Murren

2017 Inside Asian Gaming Power 50: Number 19 - James Murren 19 James Murren CHAIRPERSON AND EXECUTIVE DIRECTORMGM China Holdings POWER SCORE1,165 LAST YEAR12 CLAIMS TO FAME • Chairman of the world’s second largest casino company • Credited with keeping MGM Resorts afloat during the GFC If the strong domestic results achieved by MGM China’s pa... Tuesday, 05 December 2017 14:44

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong 18 Chen Lip Keong CEO AND EXECUTIVE DIRECTORNagaCorp POWER SCORE1,234 LAST YEAR20 CLAIMS TO FAME • Casino monopoly within 200 kilometers of Phnom Penh runs to 2035, license to 2065. • Owns 65% of first gaming company ever listed in Hong Kong • NagaWorld extension Naga2 debuted in Novemb... Tuesday, 05 December 2017 14:39