{"id":7438,"date":"2024-11-06T13:50:43","date_gmt":"2024-11-06T13:50:43","guid":{"rendered":"https:\/\/sbceurasia.com\/en\/?p=7438"},"modified":"2024-11-06T13:50:49","modified_gmt":"2024-11-06T13:50:49","slug":"wynn-resorts-expects-wynn-al-marjan-to-become-a-key-tourism-destination-in-the-uae","status":"publish","type":"post","link":"https:\/\/sbceurasia.com\/en\/2024\/11\/06\/wynn-resorts-expects-wynn-al-marjan-to-become-a-key-tourism-destination-in-the-uae\/","title":{"rendered":"Wynn Resorts Expects Wynn Al Marjan to Become a Key Tourism Destination in the UAE"},"content":{"rendered":"\n<p>Despite challenges in Las Vegas revenue impacting Q3 results, <strong>Wynn Resorts<\/strong> remains optimistic, particularly with the <strong>UAE<\/strong> emerging as a key focus for future growth.<\/p>\n\n\n\n<p>In Q3, Wynn saw mixed performance as its Las Vegas operations faced revenue declines, with operating revenue down by <strong>$11.8 million to $607.2 million<\/strong>. However, total operating revenues climbed to <strong>$1.69 billion<\/strong>, an <strong>increase of $21.4 million<\/strong> year-over-year, though the company reported a net loss of <strong>$32.1 million<\/strong>.<\/p>\n\n\n\n<p><strong>Craig Billings<\/strong>, CEO of <strong>Wynn Resorts, Limited<\/strong>, commented: \u201cOur third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.\u201d<\/p>\n\n\n\n<p>Wynn has earmarked the UAE for expansion, with $18.2 million allocated to the development of <strong>Wynn Al Marjan Island <\/strong>as regulatory advancements continue. Projected to open in Q1 2027, the resort anticipates annual gross gaming revenue of up to $1.66 billion.<\/p>\n\n\n\n<p>Recently, Wynn was granted a Commercial Gaming Facility Operator license from the UAE\u2019s <strong>General Commercial Gaming Regulatory Authority (GCGRA)<\/strong>, marking a historic moment for the company\u2019s presence in the region. CEO Craig Billings commented, &#8220;We are confident that Wynn Al Marjan Island will become a \u2018must-see\u2019 destination, and we expect it to contribute significantly to our long-term cash flow growth. We\u2019re also pleased to announce an increased share repurchase authorization of $1 billion, demonstrating our commitment to shareholder returns.&#8221;<\/p>\n\n\n\n<p>The quarter also saw an adjusted Property EBITDAR of $527.7 million, down slightly from Q3 2023. Performance was mixed across properties, with increases of $22.7 million at Wynn Macau and $2.5 million at Encore Boston Harbor, while Las Vegas and Wynn Palace operations reported declines.<\/p>\n\n\n\n<p>Wynn Macau delivered positive results with $871.7 million in revenue, a 6.3% year-on-year increase, highlighting strong growth in the region. On the financial front, Wynn\u2019s balance sheet showed total outstanding debt of $11.79 billion as of September 30, 2024, including $6.41 billion related to Macau and $1.46 billion for Wynn Las Vegas.<\/p>\n\n\n\n<p>Don&#8217;t forget to subscribe to our <a href=\"https:\/\/t.me\/sbceurasia\">Telegram channel<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite challenges in Las Vegas revenue impacting Q3 results, Wynn Resorts remains optimistic, particularly with the UAE emerging as a key focus for future growth. In Q3, Wynn saw mixed performance as its Las Vegas operations faced revenue declines, with operating revenue down by $11.8 million to $607.2 million. However, total operating revenues climbed to [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":7439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[8,5,1],"tags":[9378,9164,9267,7408,9266,876,10362],"class_list":["post-7438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casino","category-gambling","category-news","tag-craig-billings","tag-gcgra","tag-general-commercial-gaming-regulatory-authority","tag-uae","tag-wynn-al-marjan-island","tag-wynn-resorts","tag-wynn-resorts-limited"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wynn Resorts Expects Wynn Al Marjan to Become a Key Tourism Destination in the UAE - SBC EURASIA EN<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbceurasia.com\/en\/2024\/11\/06\/wynn-resorts-expects-wynn-al-marjan-to-become-a-key-tourism-destination-in-the-uae\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Expects Wynn Al Marjan to Become a Key Tourism Destination in the UAE - SBC EURASIA EN\" \/>\n<meta property=\"og:description\" content=\"Despite challenges in Las Vegas revenue impacting Q3 results, Wynn Resorts remains optimistic, particularly with the UAE emerging as a key focus for future growth. In Q3, Wynn saw mixed performance as its Las Vegas operations faced revenue declines, with operating revenue down by $11.8 million to $607.2 million. 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