Galaxy Macau prompts a rethink by Wynn
Wynn, who for the first time is holding the annual general meeting of Wynn Macau Ltd. and its U.S.–based parent company Wynn Resorts in Macau, told the Associated Press, “I saw a couple things at Galaxy the other day that made me take another look at some stuff I had drawn myself.” He did not elaborate.
Wynn Macau, which operates Wynn and Encore on the peninsula, is scheduled to open its own $2.5 billion Cotai property in 2015. The property is projected to have between 1,500 to 1,600 hotel rooms, 500 table games and 1,300 slot machines, with 12 acres left over for further expansion.
Baccarat play presently accounts for about 90 percent of Macau’s gaming revenue, and Galaxy is seeking to move its business model beyond that. The 2,200 room property aims to be a holiday destination for the region’s growing mass market, with two-thirds of its tables allocated to non-VIP gamblers. The casino has 450 tables currently, with room for 600, and 1,200 slot machines. Its non-gaming attractions include a 3,400-square-meter spa, a water park with a white sand beach and a nine-screen 3D movie theater that will open later this year. Average stays in Macau are 1.5 days, and Galaxy is hoping to move that number closer to the Las Vegas average of 3.4 days.
Wynn said he expects Galaxy will continue to help grow the Macau market, which accounted for about two-thirds of Wynn Resorts’ profit of $1.24 billion in the first three months of this calendar year. “Frankly these days we think of ourselves very deeply as a Chinese company in many respects and our revenues and the rest of our financial posture clearly indicate that to be so,” said Wynn.