Wynn Resorts CEO Matt Maddox has announced that the company will spend US$100 million on upgrades to its original Macau integrated resort, Wynn Macau.
Speaking during the Wynn Resorts 1Q18 earnings call on Wednesday, Maddox revealed his plans to heavily re-invest in the peninsula property, including remodeling of its Encore Hotel rooms and a focus on more non-gaming facilities.
“This will include reinvigorating our regional casino, building two new restaurants there, taking out a lot of the exterior junket space that’s not productive and making that a vibrant atmosphere,” Maddox said. “We think the returns to our shareholders will be quite impressive when we are finished with that.
“We are also going to remodel our Encore rooms. Some of the most popular rooms in all of Macau are going to begin that remodel this year.
“What we are doing is we are reprioritizing where we want to spend our capital based on where we think we can get more immediate growth, so I have re-prioritized spending money in Macau – looking at those projects and in what’s going to attract new customers and keep our customers at those properties longer.”
Maddox added that the company was also working on “two new restaurant concepts” at its Cotai property, Wynn Palace, and was contemplating how to best utilize its adjacent 11 acres of spare land alongside.
He also hinted at the prospect of working alongside Galaxy Entertainment Group – who last month acquired a 4.9% stake in Wynn Resorts – on an international project in the future.
“Because both operators, Wynn and Galaxy. are focused on quality and on experience, I think that as international jurisdictions open up we could potentially work together to jointly examine those,” Maddox said. “We certainly haven’t made any agreements to do that, but our operating styles and philosophies are very similar and it’s something that could potentially be a value to both companies in the future.”
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