Wynn Resorts 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, the Encore at Wynn Macau adjacent to Wynn Macau, and Wynn Palace in the Cotai area of Macau. The Wynn brand is the brainchild of gaming mogul and former Mirage Resorts chairman Steve Wynn.
Wynn gets about 65% of its revenue from its casino segment; 10% from food & drink; and 10% from hotel rooms fees.
The company's Las Vegas properties boast about 4,750 rooms, 1,900 slots and 235 table games, 189,000 square feet of casino gaming space, some 35 restaurants, a golf course, and two wedding chapels. Its Encore at Wynn Macau hotel and resort boasts more than 1,000 rooms, 950 slots, 300 table games, and 2.84 million square feet of casino gaming space.
Wynn Palace in the Cotai area of Macau features a luxury hotel tower with more than 1,700 guest rooms, suites and villas, approximately 420,000 square feet of casino space, 10 food and beverage outlets, approximately 40,000 square feet of meeting and convention space, retail, public attractions, along with recreation and leisure facilities.
Wynn brought in more than 65% of its revenue from Macau in fiscal 2016.
Sales and Marketing
Wynn has an international marketing team working across five countries (Hong Kong, Singapore, Japan, Taiwan, and Canada) to attract international customers. The company offers loyalty programs to customers through games. Customers who earn points redeem them for free play, gifts, and complimentary dining and retail shopping. Wynn spent $37 million on advertising and promotional expenses in fiscal 2016, up from $25.2 million in fiscal 2015.
Wynn reported more than $4.4 billion in revenue for fiscal 2016. That was an increase of around $400 million compared to the $4 billion the company reported for revenue in fiscal 2015. The increase was largely the result of the opening of the Wynn Palace, which offset a decline in revenue from the Wynn Macau and flat performance from the Wynn Las Vegas. However, due to the high cost of operating casino resorts, Wynn only claimed a net income of about $242 million in fiscal 2016.
The company has expanded its business by building new properties.
Wynn is currently 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.
Wynn offers loyalty programs at both its Macau and its Las Vegas properties. The program at its Las Vegas resorts lets customers earn points based on their level of slots play, which can be redeemed for free play. The program at its Macau resorts lets customers earn points based on their level of table games and slots play, which can be redeemed for free play, gifts, and complimentary dining and retail shopping.
In November 2014 Wynn was awarded a gaming license to develop and construct Wynn Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets. The total project budget is estimated to be approximately $2.4 billion. Wynn expects to open Wynn Boston Harbor in mid-2019.