Inside Asian Gaming

september 2016 inside asian gaming 17 When Wynn Palace opened last month, the man who was so important to Las Vegas’ transformation into a world destination put the finishing touches on a legacy in Macau that time will show to be every bit as unique. There are no thrill rides at Wynn Palace – no Disney characters, no superheroes, no booming, rumbling IMAX theater, no mock-up of some wonder of the world, no obvious “theme.” “Casinos are not for children,” Steve Wynn told Bloomberg on the eve of its debut. “This is an adult resort, this city of Macau. There are better places for kids than Macau or Las Vegas.” As he put it, it’s not about stuffing a place with attractions geared to perceptions about the mass market. He said, “I’m trying to appeal to everybody in the world, and make them say, ‘You gotta go to Macau and stay in this hotel. It’s the greatest experience you can imagine.’ That is the definition of diversification.” Six years and US$4.2 billion in the making, Wynn Palace is what Steve Wynn the master hotelier and designer has always longed to build. It cost him too. When the Macau government decided how many new to market tables to grant within the limits of an official cap on new supply of 3% a year, Wynn Palace received 150 tables – the smallest initial allocation yet of the new resorts in Cotai and 100 fewer than those awarded to Galaxy Macau Phase 2 and Studio City 12 months earlier. “We spent, without exception and without any possibility of contradiction, more money on non-casino attractions in Wynn Palace than has ever been spent on any facility of that sort on planet Earth,” Mr Wynn said on Wynn Resorts’ second-quarter earnings call. Just not the right ones, from the government’s point of view. As it stands Wynn Palace has been awarded 100 tables immediately with 25 more tables next year and another 25 in 2018. Until then, it will take 250 tables from Wynn Macau on the Macau peninsula. So nobody with the requisite bankroll will fail to find a game. And bankroll is the operative word – for not only will Wynn Palace enhance the cachet the Wynn name has long enjoyed among VIP gamblers at its Forbes Five Star resorts on the peninsula, it positions the company as it has never been positioned before to compete for an outsized share of the high-rolling cash play known as “premium mass,” which is where the real money is. It is “arguably the most beautiful hotel in the world,” Mr Wynn boasted on opening night with the unabashed pride of a man who in the fullness of age finds himself a father again.. Factor in the other hallmarks of the brand – the accomplished management, the deep training at all staff levels, the legendary customer service – and you have to figure they’re holding aces. Even in the midst of a market slide as protracted and painful as Macau’s you’d be hard-pressed to find many willing to bet against that. Steve Wynn Chairman and CEO Wynn Resorts Chairman and CEO Wynn Macau Power 3,256 last 5 Score year Claims to fame Pioneer of the integrated resort concept A visionary who helped reinvent Las Vegas as a destination Renowned for setting new standards in luxury, service and operational expertise 5 Asian Gaming POWER 50 2 0 1 6