CLAIMS TO FAME
- Secured the UAE’s first ever casino license
- Previously held executive roles at IGT and Aristocrat
He may fly a little more under the radar than his predecessors – company founder Steve Wynn and Wynn’s successor Matthew Maddox – but Craig Billings has wasted no time in making his mark since assuming the top job in early 2022.
At the top of Billings’ list of accomplishments is the casino license he helped secure in October for the company’s ongoing integrated resort development in Ras Al Khaimah, United Arab Emirates – the first ever to be granted by the UAE’s recently formed General Commercial Gaming Regulatory Authority (GCGRA).
Wynn’s UAE project is a game-changer, with analysts estimating it will contribute more than US$350 million in annual cash flow to the company’s coffers, although it comes at a cost. At an investors day in Las Vegas in early October, Wynn revealed the total budget for Wynn Al Marjan Island had been increased from a previous estimate of US$3.9 billion to US$5.1 billion. The company’s direct contribution is expected to total US$1.1 billion.
Once complete, Wynn Al Marjan Island will comprise 1,500 rooms, suites and villas, the UAE’s first casino, 24 dining and lounge experiences, spas and wellness experiences, a high-end shopping esplanade, a state-of-the-art events center, and a theater hosting a unique production show.
Wynn said during its investor day presentation that it expects the IR to generate operating revenues of between US$1.38 billion and US$1.88 billion, and Adjusted EBITDA of between US$500 million and US$800 million annually – the latter thanks to margins that could creep as high as 43%. That’s undoubtedly an enticing prospect.
Macau, where Wynn operates two integrated resorts through its local subsidiary Wynn Macau, continues to improve post-COVID although not as quickly as some competitors. The company lost market share in the June quarter due to a subdued performance at its peninsula property – primarily in the mass gaming segment – although flagship Wynn Palace in Cotai remains strong and Wynn has expressed confidence in leveraging its expertise in high-end gaming to boost market share in the lucrative premium mass segment in the months ahead.
This year represents Billings’ eighth with Wynn Resorts, having been tapped by Matt Maddox in late 2016 to join the Wynn empire. He began as CFO and Treasurer in early 2017 and after briefly being called on to lead the company’s digital arm, Wynn Interactive Ltd, was instead named to replace Maddox as CEO of the entire Wynn Resorts group from February 2022.
The big question is now, in a post-Steve Wynn environment, where will Billings take the company next?
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