Wynn Resorts courts customers that want to win at gambling. The company operates luxury casino resorts in Las Vegas and South China's Macau (the only place in China where gambling is legal). Its Wynn Las Vegas is a $2.4 billion resort and casino, built on the site of the former Desert Inn on the Strip. Wynn Resorts operates in China through
Wynn Macau Limited
. The company has expanded in both markets, adding the Encore at Wynn Las Vegas next to the Wynn Las Vegas, and the Encore at Wynn Macau adjacent to Wynn Macau. The Wynn brand is the brainchild of gaming mogul and former Mirage Resorts chairman Steve Wynn.
The company's Las Vegas properties boast about 4,750 rooms, 1,850 slots and 230 table games, 186,000 square feet of casino gaming space, some 35 restaurants, a golf course, and two wedding chapels. The Las Vegas segment accounted for about 40% of the company's revenue in fiscal 2015.
However, Wynn Resorts actually makes more money in China. Encore at Wynn Macau hotel and resort, a development that cost some $650 million, opened in 2010. The Macau property boasts more than 1,000 rooms, 700 slots, 450 table games, and 2.84 million square feet of casino gaming space. Wynn Resorts brought in more than 60% of its revenue from Macau in fiscal 2015.
Wynn Resorts reported more than $4 billion in revenue for fiscal 2015. That was a decrease of 25% compared to the prior fiscal period, when the company brought in about $5.4 billion. Its net income was $195 million in fiscal 2015, which was a decrease of 48% compared to the company's fiscal 2014 net income.
While Las Vegas has been slower to recover from the economic downturn than other markets, gaming companies with operations in Asia have been growing.
Wynn Resorts is building a lake resort behind its two Las Vegas casinos. The property will offer visitors the opportunity to water-ski and paddle-board just off the Las Vegas strip. The resort, which is tentatively called Paradise Park, will have also ice cream and a fireworks show every night.