Wynn Resorts bolstered by substantial UAE potential

Wynn Resorts bolstered by substantial UAE potential

Wynn Resorts predicts a “very high rate of return on invested capital” from its multibillion-dollar integrated resort and real-money casino in Ras Al Khaimah, United Arab Emirates’ man-made Al Marjan Island. Once completed, the operator claims that 95% of the world’s population will be within an eight-hour flight of a Wynn resource property. 

Wynn Resorts Middle East Expansion

The UAE is already a significant destination for the region and Europeans such as Britons, Germans, and international visitors. As a result, there is a substantial opportunity for customer acquisition and a significant brand expansion.

Before that, there is a need to address the following points raised in analyst notes and media coverage on the project: Three things must occur to have an integrated resort with a casino in any new jurisdiction.

“The first consideration is enabling law. Is gambling legal?” The second factor to consider is regulation; how will gambling be conducted? Thirdly, who is authorized to operate a gaming establishment? The additional enabling legislation is not necessary for this project. They are not anticipating a lengthy legalization process, as some other markets have experienced. The regulations are well developed, fashioned after those in Singapore and the United States. Taxation and licensing are both extremely affordable. Finally, they will be licensed to conduct gaming in Ras al-Khaimah after the regulatory framework is finalized and the regulator is in place.

Projects in Dubai 

In other words, they are currently undertaking master planning for these projects and will shortly begin mobilizing architecture and design. The comments come as the organization, which previously disclosed a $1.7 billion divestiture of all of Encore Boston Harbor’s land and real estate assets to Realty Income, analyzes its performance through the fourth quarter and year ended December 31, 2021. Through Q4, operating revenue increased 53.5% to $1.05 billion (2020: $686 million), owing to growth in the group’s Las Vegas operations to $493.9 million (2020: $172.5 million) and Encore’s $204 million (2020: $130.9 million). This compensated for the group’s losses in the Macau market as a result of the growing COVID pandemic, with Wynn Palace revenue falling to $194 million (2020: $221.5 million) and Wynn Macau revenue falling to $131.7 million (2020: $181.9 million).

Wynn Interactive, which the business reports have received an “encouraging” reaction from clients in its newly announced territories of New York and Louisiana, produced around $785 million in total revenue, a 20% sequential increase over the previous quarter. The quarterly net loss was $177.2 million (2020: $269.5 million), while adjusted EBITDA increased by 113.6 percent to $149.1 million (2020: $69.8 million). Their unwavering commitment to five-star hospitality and world-class experiences enabled them to strengthen our leadership positions in Las Vegas and Massachusetts in 2021. In Macau, they continue to be optimistic about the market benefiting from the return of visitors in the coming quarters. Revenue grew 79.6 percent year over year to $3.76 billion (2020: $2.1 billion), with increases of $377.6 million, $151.4 million, $755.7 million, and $329.9 million at Wynn Palace, Wynn Macau, and Las Vegas businesses, respectively. The year ended with a net loss of $755.8 million, compared to the $2.07 billion recorded through 2020, and adjusted EBITDA of $569.4 million, up from a loss of $324.3 million a year ago.

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.