No Wynn
No Wynn
Wynn pulls out of Singapore bid
Las Vegas-based Wynn Resorts has pulled out of a potential bid for a gaming license in Singapore, the company's chairman, Steve Wynn, told the Gaming Wire in Las Vegas.
The reason, Wynn said, was that his company did not have what he considered the necessary resources to develop the type of gaming facility he wanted to build in Singapore. Instead, Wynn will focus on creating his Wynn Macau property and the ongoing operations of the $2.7 billion Wynn Las Vegas and the planned Encore resort-casino adjacent to the property.
"Our resources are stretched. (Singapore) is a very involved process and we don't have the time or the manpower to devote to that effort," Wynn said. "Whoever wins the Singapore site is going to be very happy. It's a fabulous location."
Wynn had been looking to develop a 50-acre site in Singapore's downtown marina district. Gaming analysts have predicted that a resort casino there could pull in as much as $1 billion annually. The area has drawn interest from other Las Vegas-based casino operators, including Harrah's Entertainment and MGM Mirage.
Wynn said he is spending in excess of $1 billion to develop Wynn Macau, which will initially include 600 hotel rooms and a 100,000-square-foot casino. The 2,000-room Encore project in Las Vegas, meanwhile, will cost Wynn $1.5 billion. He is hoping to have that operating by 2008.
"We're hoping to get the building by July and start training our staff. We'll have 4,900 employees initially and it will grow to 8,000 when phase two opens," Wynn said.
As many as 3,000 dealers could also be hired for the 500 planned baccarat tables at Wynn Macau.
"Singapore would have involved all of my time, and that just isn't possible," Wynn said. "Between doing construction in Macau, 3,600 miles from Las Vegas, and planning for Encore, we have a major challenge already."
Gaming analysts noted a number of factors, including an upfront $700 million development fee, could also have played a factor in Wynn's decision.
"It may be difficult to attain a good return, given high land costs, casino space limitations, potential tax rates, and other issues surrounding the Singapore project," Deutsche Bank gaming analyst Marc Falcone said. "Further, we believe the company maintains the potential for considerable exposure to Asia through its concession in Macau, which essentially allows an unlimited number of developments."
-Andy Holtmann
Wynn pulls out of Singapore bid
Las Vegas-based Wynn Resorts has pulled out of a potential bid for a gaming license in Singapore, the company's chairman, Steve Wynn, told the Gaming Wire in Las Vegas.
The reason, Wynn said, was that his company did not have what he considered the necessary resources to develop the type of gaming facility he wanted to build in Singapore. Instead, Wynn will focus on creating his Wynn Macau property and the ongoing operations of the $2.7 billion Wynn Las Vegas and the planned Encore resort-casino adjacent to the property.
"Our resources are stretched. (Singapore) is a very involved process and we don't have the time or the manpower to devote to that effort," Wynn said. "Whoever wins the Singapore site is going to be very happy. It's a fabulous location."
Wynn had been looking to develop a 50-acre site in Singapore's downtown marina district. Gaming analysts have predicted that a resort casino there could pull in as much as $1 billion annually. The area has drawn interest from other Las Vegas-based casino operators, including Harrah's Entertainment and MGM Mirage.
Wynn said he is spending in excess of $1 billion to develop Wynn Macau, which will initially include 600 hotel rooms and a 100,000-square-foot casino. The 2,000-room Encore project in Las Vegas, meanwhile, will cost Wynn $1.5 billion. He is hoping to have that operating by 2008.
"We're hoping to get the building by July and start training our staff. We'll have 4,900 employees initially and it will grow to 8,000 when phase two opens," Wynn said.
As many as 3,000 dealers could also be hired for the 500 planned baccarat tables at Wynn Macau.
"Singapore would have involved all of my time, and that just isn't possible," Wynn said. "Between doing construction in Macau, 3,600 miles from Las Vegas, and planning for Encore, we have a major challenge already."
Gaming analysts noted a number of factors, including an upfront $700 million development fee, could also have played a factor in Wynn's decision.
"It may be difficult to attain a good return, given high land costs, casino space limitations, potential tax rates, and other issues surrounding the Singapore project," Deutsche Bank gaming analyst Marc Falcone said. "Further, we believe the company maintains the potential for considerable exposure to Asia through its concession in Macau, which essentially allows an unlimited number of developments."
-Andy Holtmann
