Wynn Resorts Records Record Quarter While Unveiling Global Expansion Plans

Wynn Resorts has plans to grow worldwide while enjoying a record quarter. The company saw its best second-quarter EBITDA ever reaching $572 million. This success came from strong results at its sites in Las Vegas, Boston, and Macau.

Wynn Resorts Unveils Expansion Plans for Thailand and UAE While Thriving in Las Vegas

Wynn Resorts wants to enter new markets with expansion plans for Thailand and the UAE. During a recent earnings call, CEO Craig Billings said that Thailand’s potential profits remain unclear due to unknown tax rates, but the company still believes in the UAE project. 

The Wynn Al Marjan Island project in the UAE is moving fast, with the building now up to the 15th floor of the hotel. The structure now among the tallest in the Emirate, is over 90 meters high. Wynn Resorts just put $357 million into its UAE joint venture buying a lot of land for future growth.

In Las Vegas, Wynn Resorts hit a new high for the second quarter with $230 million in adjusted property EBITDA. This achievement came from a 16% jump in hotel earnings, an 8% boost in slot machine use, and strong table play in the casino. The Boston property, Encore, also did well bringing in $62 million in adjusted property EBITDA even with lower-than-usual table winnings. Both spots keep seeing high demand and steady income.

Macau stays a key market for Wynn Resorts. The company made $280 million in EBITDA from its Macau sites in the second quarter keeping its top-notch products and services in a tough market. Wynn is also improving what it offers in Macau with new food and drink concepts and special programs. On top of that, it is building a big food hall set to open in 2025.

Wynn Resorts Explores Expansion Opportunities in Major Cities

Additionally, Wynn Resorts has plans to grow by using its land in Las Vegas and looking into new chances in big cities like New York and Bangkok. The company is focused on maximizing returns and ensuring sustainable growth, backed by its robust performance and disciplined capital deployment.

Wynn Resorts is not the only big player in the industry that is interested in Thailand and the UAE. MGM Resorts International has also previously stated that it has expansion plans for these regions. Its CEO, Bill Hornbuckle, discussed the company’s future plans in March, emphasizing opportunities in the UAE, Thailand, and New York. 

Despite halting its Dubai casino project, MGM continues with its hotel and is prepared to pivot to gaming if the UAE regulates it. Hornbuckle also mentioned interest in Thailand following recent legislative support for casino gaming and noted MGM’s established presence there. In New York, MGM aims to secure one of three downstate casino licenses, planning construction by mid-2026 if successful.