About Wynn Resorts Holdings, LLC
Wynn Resorts operates a handful of luxury casino resorts, including the Wynn Las Vegas in Las Vegas, and the Wynn Macau and the Wynn Palace in Macau, China, the only place in China where gambling is legal. It opened its first US resort and casino outside Vegas, the $2.6 billion Encore Boston Harbor, in June 2019. The company's properties integrate luxury hotel rooms, high-end retail, an array of dining and entertainment options, meeting and convention space, and gaming. Most revenue comes from China at about 70% of sales. The firm works to attract international customers through marketing offices in Hong Kong, Singapore, Japan, Taiwan, and Canada. The Wynn brand is the brainchild of gaming mogul and former Mirage Resorts chairman, Steve Wynn.
Wynn Resorts gets about 70% of its revenue from its casino segment; more than 10% from food and drink; and more than 10% from hotel rooms fees. The remainder comes from entertainment, retail, and other operations.
In Macau, China, its Wynn Palace features a luxury hotel tower with more than 1,700 guest rooms, approximately 425,000 square feet of casino space, some 37,000 square feet of meeting and convention space, and more than 105,000 square feet of retail space. Its smaller Chinese property, Wynn Macau, features two hotel towers with more than 1,000 rooms, along with casino and retail space, and meeting and convention rooms, with approximately 250,000 square feet of casino space with more than 320 table games and roughly 840 slot machines, as well as private gaming salons, sky casinos, and a poker room. It offers above 10 food and beverage outlets, approximately 59,000 square feet of high-end, brand-name retail space, and approximately 31,000 square feet of meeting and convention space.
Wynn Las Vegas boasts two hotel towers with more than 4,700 rooms, and space for casino gaming, meetings and conventions, and retail. The property features approximately 194,000 square feet of casino space with more than 230 table games and about 1,755 slot machines, as well as private gaming salons, a sky casino, a poker room, and a race and sports book.
The company's newest property, Encore Boston Harbor, is a resort in Everett, Massachusetts, near Boston along the Mystic River. The resort contains a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings, and food and beverage outlets. The property features approximately 210,000 square feet of casino space with roughly 160 table games and more than 2,835 slot machines, private and high-limit gaming areas, and a poker room. It has about 670 guest rooms and suites, which offers a spa and salon. It offers about 15 food and beverage outlets and a nightclub, approximately 8,000 square feet of retail space, and approximately 71,000 square feet of meeting and convention space.
Headquartered in Las Vegas, Nevada, Wynn Resorts owns approximately 70% of its operations in China (Wynn Macau, Limited), 100% of its operations in the US (Wynn Las Vegas and Encore at Wynn Las Vegas), and in Massachusetts, the Encore Boston Harbor. Highly dependent on consumer spending in China, the company generates some 70% of total revenues from Macau, while Las Vegas accounts for the remaining 25%. Encore Boston Harbor generates the remaining total sales.
Sales and Marketing
Wynn Resorts offers loyalty programs at its properties. Customers who earn points redeem them for free play, gifts, and complimentary dining and retail shopping. It seeks to attract high-net-worth international tourists to its properties.
The company spent approximately $61.5 million on advertising and promotional expenses in fiscal 2019, up from about $41 million in fiscal 2018.
Wynn Resorts' revenue had been increasing in the past four years. Between 2015 and 2019, the resorts' revenue increased by 62%.
Wynn reported more than $6.6 billion in revenue for fiscal 2019 versus $6.7 billion in fiscal 2018. The decrease was primarily due to the decreased sales in Las Vegas operations.
In 2019, net income dropped 78% to $123 million compared to $572.4 million from the prior year. The decrease was principally due to a tax provision of $176.8 million recorded in 2019, largely related to an increase in the valuation allowance on our deferred tax assets, compared to a net tax benefit of $497.3 million recorded during the year ended December 31, 2018 primarily in connection with U.S. tax reform.
Cash at the end of 2019 was $2.4 billion. Cash from operations was $901.1 million, while investing activities used $1.1 billion. Financing activities used $299 million. Wynn's main cash used primarily in capital expenditures, issuance of long-term debt and exercise of stock options.
Wynn Resorts conceptualize, design, build, and operate its resorts to create unforgettable customer experiences across a diverse set of gaming and non-gaming amenities that attract a wide range of customer segments and generate strong financial results.
Central to the company's strategy is the construction of, and regular reinvestment in, world-class integrated resorts. These activities are led by its in-house design, development, and construction subsidiary and its senior management team, which has significant experience across all major design and construction disciplines. In addition, the resort believes superior customer service is the best marketing strategy to attract customers and drive repeat visitation to its resorts. Human resources and staff training are essential to ensuring its employees are prepared to provide the luxury service that the resort's guests expect. Wynn have been successful in attracting a wide range of premium guests both domestically and internationally. Wynn leverages its international marketing team across branch offices located in Hong Kong SAR, Singapore, Japan, Taiwan, and Canada to connect with and build relationships with its international customers. The resort continually evaluates its offerings and service levels, and as a result, have made and expect to continue to make enhancements and refinements to its resorts.
The company plans to continue to seek out new opportunities to develop and operate world-class integrated resorts and related businesses around the world. Overall, the resort believes Wynn Resorts has a demonstrated track record of developing and operating integrated resorts that stimulate local and regional economic activity, by attracting a wide range of customers (including high-net-worth international tourists), driving international tourism, raising average hotel room rates in the region, extending the average length of stay per visitor, complementing existing convention and meeting business with five-star accommodations and appropriately scaled meeting amenities, elevating service levels with the execution of five-star customer service, and stimulating city-wide investment and employment.
Steve Wynn founded Wynn Resorts in after buying the Desert Inn hotel and casino in Las Vegas for $270 million from Starwood Hotels & Resorts as a birthday gift for his then wife in 2000. The deal followed his sale of Mirage Resorts to MGM Grand. Wynn reportedly received nearly $500 million from the Mirage sale.
Wynn resigned as chairman and CEO in 2018 in response to sexual misconduct allegations spanning decades.
3131 Las Vegas Blvd S
Las Vegas, NV 89109-1967
Phone: 1 (702) 770-7555
Employer Type: Privately Owned
Employees (This Location): 29
Employees (All Locations): 13,000
Las Vegas, NV