Wynn Resorts
Encyclopedia
Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada
that is a developer and operator of high end hotel
s and casino
s. It was formed on October 25, 2002 by former Mirage Resorts
Chairman and CEO Stephen A. Wynn
.
on NASDAQ
on October 25, 2002.
The company's first project, Wynn Las Vegas
, opened on April 28, 2005.
Wynn Macau
, the company's second project started construction on June 28, 2004. It opened September 5, 2006.
Encore
, an extension to Wynn Las Vegas, broke ground on April 28, 2006, the first anniversary of the opening of Wynn Las Vegas. Chairman Steve Wynn announced that a planned redevelopment of the golf course at Wynn Las Vegas, called Wynn Golf and Country Club, into two separate resorts, and a large lake, connected by the "Wynn Parkway". Redevelopment will not take place before 2009. Wynn also announced that the company will take part in the Cotai Strip
project in Macau
.
Encore at Wynn Macau
, the company's second project in Macau Peninsula
, Macau
, People's Republic of China
, opened on April 21, 2010.
Wynn bought 52 acres (21 ha) of the Cotai Strip in Macau where he hopes to break ground in 2011 for Wynn Cotai for a 2013/early 2014 opening.
Despite the additional casino at the Encore (which added 97 tables and 857 slot machines to the original 190 tables and 2000 slots) net casino revenues for the combined resort were lower than the first quarter of 2008 when only The Wynn was operating. Net casino revenues for the combined resort dropped from $125.1 million to $117.5 million.
Gross non-casino revenues for the quarter were $228.4 million, a 13.3% increase from the first quarter of 2008, driven primarily by higher hotel and food and beverage revenues resulting from the opening of Encore. Although the added 2,034 suites at Encore nearly doubled the suites in the property hotel revenues were up only 20.6% to $85.1 million during the quarter, versus $70.6 million in the first quarter of 2008 due to declining room rates and lower occupancy rate. Food and beverage revenues increased as a result of the additional 12 food and beverage outlets located in the Encore expansion. Retail revenues declined and entertainment revenues also decreased primarily due to the closure of the Spamalot production show in July 2008.
Paradise, Nevada
Paradise is an unincorporated town in the Las Vegas metropolitan area in Clark County, Nevada, United States. The population was 223,167 at the 2010 census...
that is a developer and operator of high end hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
s and casino
Casino
In modern English, a casino is a facility which houses and accommodates certain types of gambling activities. Casinos are most commonly built near or combined with hotels, restaurants, retail shopping, cruise ships or other tourist attractions...
s. It was formed on October 25, 2002 by former Mirage Resorts
Mirage Resorts
Mirage Resorts was an American corporation that owned and operated hotel-casinos. It was created in 1989, having previously been called Golden Nugget Companies...
Chairman and CEO Stephen A. Wynn
Steve Wynn (developer)
Stephen Alan "Steve" Wynn is an American business magnate who played a pivotal role in the 1990s resurgence and expansion of the Las Vegas Strip...
.
History
Wynn Resorts made its initial public offeringInitial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
on October 25, 2002.
The company's first project, Wynn Las Vegas
Wynn Las Vegas
Wynn Las Vegas is a resort and casino located on the Las Vegas Strip in Paradise, Nevada. The US $2.7 billion resort is named after casino developer Steve Wynn and is the flagship property of Wynn Resorts Limited. The resort covers . It is located on Las Vegas Boulevard and Sands Avenue Wynn Las...
, opened on April 28, 2005.
Wynn Macau
Wynn Macau
Wynn Macau , owned by Wynn Resorts, is a luxury integrated resort in Macau Peninsula, Macau, People's Republic of China, offering gaming combined with a deluxe hotel, restaurants, designer shops, spa, and a "Performance Lake". It is the first Las Vegas-style integrated resort in Asia. It opened on...
, the company's second project started construction on June 28, 2004. It opened September 5, 2006.
Encore
Encore Suites
Encore Las Vegas or Encore at Wynn Las Vegas is a luxury resort, casino and hotel located on the Las Vegas Strip in Paradise, Nevada. The resort is connected to its sister resort, Wynn Las Vegas; both are owned by Wynn Resorts Limited, headed by casino developer Steve Wynn.Encore has been awarded...
, an extension to Wynn Las Vegas, broke ground on April 28, 2006, the first anniversary of the opening of Wynn Las Vegas. Chairman Steve Wynn announced that a planned redevelopment of the golf course at Wynn Las Vegas, called Wynn Golf and Country Club, into two separate resorts, and a large lake, connected by the "Wynn Parkway". Redevelopment will not take place before 2009. Wynn also announced that the company will take part in the Cotai Strip
Cotai Strip
The Cotai Strip is the casino and tourism project in the Cotai District, Macau, inspired by the Las Vegas Strip in Nevada, USA, on a considerably smaller scale....
project in Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
.
Encore at Wynn Macau
Wynn Macau
Wynn Macau , owned by Wynn Resorts, is a luxury integrated resort in Macau Peninsula, Macau, People's Republic of China, offering gaming combined with a deluxe hotel, restaurants, designer shops, spa, and a "Performance Lake". It is the first Las Vegas-style integrated resort in Asia. It opened on...
, the company's second project in Macau Peninsula
Macau Peninsula
Macau Peninsula is the oldest and most populous part of Macau. It has an area of 8.5 km² and is geographically connected to Guandong province, at the northeast, through an isthmus 200-metre wide. The peninsula, together with the city centre of Zhuhai, sits on an island separated from the...
, Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, People's Republic of China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
, opened on April 21, 2010.
Wynn bought 52 acres (21 ha) of the Cotai Strip in Macau where he hopes to break ground in 2011 for Wynn Cotai for a 2013/early 2014 opening.
Effect of the Recession on Las Vegas operations
In Las Vegas, the 1st quarter of 2009 was the first where the Encore was fully operational after its opening on December 22, 2008. The prior year quarter includes only Wynn Las Vegas. Overall revenue from the resort increased from $327.2 to $345.9 in the first quarter, a very modest increase considering the additional hotel tower and new food and beverage outlets.Despite the additional casino at the Encore (which added 97 tables and 857 slot machines to the original 190 tables and 2000 slots) net casino revenues for the combined resort were lower than the first quarter of 2008 when only The Wynn was operating. Net casino revenues for the combined resort dropped from $125.1 million to $117.5 million.
Gross non-casino revenues for the quarter were $228.4 million, a 13.3% increase from the first quarter of 2008, driven primarily by higher hotel and food and beverage revenues resulting from the opening of Encore. Although the added 2,034 suites at Encore nearly doubled the suites in the property hotel revenues were up only 20.6% to $85.1 million during the quarter, versus $70.6 million in the first quarter of 2008 due to declining room rates and lower occupancy rate. Food and beverage revenues increased as a result of the additional 12 food and beverage outlets located in the Encore expansion. Retail revenues declined and entertainment revenues also decreased primarily due to the closure of the Spamalot production show in July 2008.
Effect of the Recession on Macau operations
In the first quarter of 2009, net revenues declined to $448.7 million compared $491.5 million in the first quarter of 2008. Gaming on the VIP tables declined drastically.Properties
| Image | Logo | Property | Location | Date Opened | Website |
|---|---|---|---|---|---|
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Wynn Las Vegas Resort & Country Club Wynn Las Vegas Wynn Las Vegas is a resort and casino located on the Las Vegas Strip in Paradise, Nevada. The US $2.7 billion resort is named after casino developer Steve Wynn and is the flagship property of Wynn Resorts Limited. The resort covers . It is located on Las Vegas Boulevard and Sands Avenue Wynn Las... |
Las Vegas Las Vegas metropolitan area The Las Vegas Valley is the heart of the Las Vegas-Paradise, NV MSA also known as the Las Vegas–Paradise–Henderson MSA which includes all of Clark County, Nevada, and is a metropolitan area in the southern part of the U.S. state of Nevada. The Valley is defined by the Las Vegas Valley landform, a ... , Nevada Nevada Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... |
April 28, 2005 | wynnlasvegas.com |
 |
 |
Wynn Macau Resort Wynn Macau Wynn Macau , owned by Wynn Resorts, is a luxury integrated resort in Macau Peninsula, Macau, People's Republic of China, offering gaming combined with a deluxe hotel, restaurants, designer shops, spa, and a "Performance Lake". It is the first Las Vegas-style integrated resort in Asia. It opened on... |
Macau SAR Macau Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China... |
September 6, 2006 | wynnmacau.com |
 |
Encore at Wynn Las Vegas | Las Vegas Las Vegas metropolitan area The Las Vegas Valley is the heart of the Las Vegas-Paradise, NV MSA also known as the Las Vegas–Paradise–Henderson MSA which includes all of Clark County, Nevada, and is a metropolitan area in the southern part of the U.S. state of Nevada. The Valley is defined by the Las Vegas Valley landform, a ... , Nevada Nevada Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its... |
December 22, 2008 | encorelasvegas.com | |
| Encore at Wynn Macau | Macau SAR Macau Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China... |
April 21, 2010 | |||