Wynn’s Latest Macau Casino Delays Launch by Three Months

Published on Tuesday 24th November 2015, 9:43 am
Posted in: Casino Business , Casino New Openings

Casino Business

The new Wynn Palace resort in Macau will not be ready to open as scheduled in March 2016 and a new target date has been set for June. Steve Wynn, owner of Wynn Resorts, has previously expressed concern about the decline of the casino industry in the Asian territory and it had been hoped that a new venue would help to kick-start the market.

Wynn currently has one resort in Macau, but it suffered a 37.9% net revenue decrease from the previous year, leading Steve Wynn to admit in October that “in my 45 years of experience, I’ve never seen anything like this before.” The new Wynn Palace site promises to have 1,700 rooms, feature a lake with gondolas and appeal to a new set of customers, but the launch date has now been pushed back.

A reason has not been given for the delay, but a press release did confirm the decision following discussions with the contractor for construction works, stating that “Wynn Palace will not be ready to open by the projected early completion date of March 25, 2016. The revised opening date for Wynn Palace is currently June 25, 2016.”

Wynn’s newest project is one of many to go ahead on the Cotai strip, a coastal area of former swamp land which has been described as a ‘challenging operating environment’ by investment firm Daiwa Capital Markets.

The new batch of casinos are hoping to attract a wider audience and more tourists following a decrease in visits from high rollers in the wake of a crackdown on corruption and a slowdown in economic growth. Despite the downturn, Macau still leads Las Vegas in terms of revenue and Wynn will hope the punters come flocking in when the doors of its new resort finally open next summer.

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