A revamp and expansion of the most exclusive gaming areas at Wynn’s two Macau resorts are among a raft of capex projects currently underway or in planning as the company looks to boost its market share.
Wynn Resorts CEO Craig Billings revealed details of those works during parent company Wynn Resorts’ 3Q24 earnings call on Tuesday (Asia time), noting that improving both the gaming and non-gaming offerings was crucial to driving increased visitation in what he described as a particularly competitive Macau market environment.
On the gaming side, “we are currently revitalizing and expanding the Chairman’s Club, our most exclusive gaming area at Wynn Macau, and are in the design phase of a similar expansion and renovation of the Chairman’s Club at Wynn Palace,” Billings said. “We are supporting these capex efforts with continued improvements to our recently enhanced loyalty program and our ‘Only at Wynn’ events and experiences across culinary, music, entertainment and sports.”
On the non-gaming side, Billings pointed to the recent opening of four renovated and reimaged F&B outlets at Wynn Palace, the launch of Drunken Fish restaurant at Wynn Macau and the planned mid-2025 opening of a destination food hall at Wynn Palace as being value-accretive.
These initiatives, he said, “focus on our national products and service leadership [and we expect they] will support and drive market share in 2025 and beyond.
“Longer term our concession-related capex, including an events center and production show, will support visitation and ultimately drive share gains in a market where unique experiences are increasingly appealing to guests. We have seen the current competitive dynamic in Macau before and are confident the continued investment in our market leading assets and 5-star service positions us well to effectively compete over time.”
Wynn’s Chief Financial Officer, Julie Cameron-Doe, explained that the company now expects concession-related capex spend to total somewhere between US$350 million and US$425 million between 2024 and the end of 2025, primarily related to the expansion of Wynn Palace.
“We are currently advancing through the design and planning stages of several of our concession commitments and these projects require a number of government approvals presenting a wide range of potential capex outcomes in the near term,” she said.
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