Wynn Resorts has revealed plans to obtain a licence to launch a gambling establishment in Bangkok while also highlighting substantial progress in its integrated venue development in the United Arab Emirates (UAE). The company disclosed this news during a second-quarter conference call with analysts.
The Bangkok licence initiative marks a strategic move into Southeast Asia, while the UAE project reflects the company's growing footprint in the Middle East.
Wynn’s Results for Q2 of 2024
According to the organisation's report, the establishment's revenue increased to $ 1.73 billion compared to the previous year. Gambling profits hit $ 1.01 billion, bolstered by extra income from food and beverage services, room rent and amusement offerings.
The main share of revenue was generated in:
- Macau;
- Las Vegas;
- Encore Boston Harbour.
The corporation also reached a new record level of adjusted real estate EBITDAR in Q2.
These diverse revenue streams underline the strength and stability of the company’s global operations, with each location contributing to a robust financial picture.
The Thai Licence
Wynn aims to obtain the certificate to build a new casino in Thailand. The resort’s CEO has stated the company’s goal to pursue this market, highlighting Bangkok as an ideal place for a new gaming facility. The future gambling establishment will be separate from Wynn Resorts, a venture incorporated in the US.
This announcement follows the Thai government's publication of draft regulations regarding the legal operations of casinos.
The new laws suggest:
- a 30-year licencing period;
- limit of casino floor space (no more than 5% of integrated resorts' total territory);
- introduction of a Macau-akin concessionaire model, where the government collaborates with operators.
Wynn’s CEO emphasised that Thailand is an appealing place for investments and marked its extensive tourism sector, high-quality service norms, and favourable operating expense structure as key advantages.
The UAE Project’s Development
The corporation progressed in building the Wynn Al Marjan Island venture in Ras Al Khaimah. During Q2, it made an equity investment of $ 357 million, including obtaining a 40% stake in 155 acres on the isle.
Key developments include:
- Construction progress. The complex is 90 metres high and has 15 floors, making it the tallest one in Ras Al Khaimah.
- Land ownership. The enterprise now holds the territory for the resort and an additional 70 acres for further expansion on the island.
- Regulatory changes. The news about the lottery approval by the responsible authority in Abu Dhabi potentially sets the stage for future casino gaming.
Speaking about upcoming advancement, Wynn Resorts' CEO sees India and other Asian markets as crucial for expansion, given their significant wealth and growth potential.
At the Casino Market studio, you can learn more about the iGaming trends and the nuances of launching gambling projects in different countries. Contact our experts to buy or rent the best solutions for a quick start and expansion in the field.
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