What happens in Vegas no longer stays in Vegas. It also happens in China. Wynn Resorts, the brainchild of gaming mogul and former Mirage Resorts chairman Steve Wynn, operates luxury casino resorts in Las Vegas and South China's Macau, the only place in China where gambling is legal. The company's 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 company operates luxury casino resorts in Las Vegas and South China's Macau.
The company's Las Vegas properties boast more than 4,750 rooms, 2,430 slots and 240 table games, 186,000 square feet of casino gaming space, some 35 restaurants, a golf course, two wedding chapels, and a Ferrari and Maserati dealership.
However, Wynn Resorts actually makes more money in China, where the economy is booming. Its Encore at Wynn Macau hotel and resort, a development that cost some $650 million, opened in 2010. The Macau property boast more than 1,000 rooms, 835 slots, 495 table games, and 2.75 million square feet of casino gaming space. Wynn Resorts brought in more than 70% of its revenue from Macau.
Sales and Marketing
The company spent about $21.5 million on advertising in fiscal 2013.
The company’s revenues increased by 9% in fiscal 2013 compared to the previous fiscal period. Its net income increased by 45% in fiscal 2013 compared to fiscal 2012, mostly as a result of the simple combination of increased revenue and decreased expenses. The company's cash flow has remained strong in recent fiscal years, mirroring its revenue and 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. Strong performance in China have helped the company's earnings. The company has plans for a major new casino in Macau; the mega-resort could open in late 2014 or early 2015.