Tag Archives: Wynn

Wynn talks up “substantial” UAE growth potential as Q2 revenue rises

Wynn talks up “substantial” UAE growth potential as Q2 revenue rises

Wynn Resorts CEO Craig Billings said the operator is edging closer to securing a licence for its new integrated resort in the United Arab Emirates (UAE), while the business posted a 75.8% rise in Q2 revenue to $1.60bn (£1.26bn/€2.46bn).

The business first announced plans to open Wynn Al Marjan Island in early 2022. The Wynn Resorts facility will be located on the man-made Al Marjan Island in the Emirate of Ras Al-Khaimah and will cost approximately $3.90bn.

The venue is not due to open until early 2027 but Wynn is already busy making plans for the casino. Construction partners were appointed in March, initial designs were revealed shortly after and Thomas Schoen was recently named project president.

“We have everything we need to operate gaming in Al Marjan”

Wynn released renderings of its property in Ras al-Khaimah earlier this year

In addition, the operator is pushing to secure early approval ahead of the planned opening. Speaking on its earnings call, he said Wynn expects to re..

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Wynn CEO remains committed to online division

Wynn CEO remains committed to online division

Wynn Resorts CEO Craig Billings has said the business is still committed to online gaming – despite earlier rumours of a discount sale – in the earnings call for its Q1 2022 results.

The statement came after Wynn reported revenue of $953.3m (£772.5m/€903.7m) for the first quarter, a rise of 29.4% year-on-year.

Wynn Interactive generated $727m in turnover.

The future of this interactive division had been in doubt as in November 2021 Wynn and Austerlitz Acquisition Corporation I cancelled a deal that would have seen Wynn Interactive spin off and merge with Austerlitz. The joint business then would have listed on the NASDAQ stock exchange.

The business said that this was due to the fact that it no longer planned to go ahead with the spend-heavy strategy to promote the online product that it had initially planned.

Earlier this year, it was rumoured that Wynn was planning a cut-price sale of its Interactive division for an estimated $500m.

When asked about the company’s online aims a..

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