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| Wynn Macau | |
|---|---|
| Location | Sé, Macau, China |
| Address | Rua Cidade de Sintra, NAPE |
| Opening date | 6 September 2006; 13 years ago |
| Theme | Life imitating art |
| No. of rooms | 1,008 (594 in Wynn tower, 414 in Encore at Wynn Macau) |
| Total gaming space | 273,000 square feet (25,400 m2) |
| Notable restaurants | Golden Flower Mizumi Restorante il Teatro Wing Lei |
| Casino type | Land-Based American-styled casino |
| Owner | Wynn Resorts Limited, Wynn Macau Limited |
| Renovated in | 2014 (Guestrooms and Suites) |
| Website | wynnmacau.com |
| Wynn Macau | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Traditional Chinese | 永利澳門 | ||||||||||
| Simplified Chinese | 永利澳门 | ||||||||||
| |||||||||||
Wynn Macau (Chinese: 永利澳門) is a luxury hotel and casino resort in the Macau Special Administrative Region of the People's Republic of China with two towers containing a total of 1,008 rooms and suites, approximately 273,000 square feet (25,400 m2) of casino space, over 59,000 square feet (5,500 m2) of retail space, eight casual and fine dining restaurants, two spas, a salon and a pool.[1] The resort boasts three entertainment experiences, including Macau's only choreographed Performance Lake.
Jul 02, 2018 People use mobile devices to take photographs of a fountain outside the Wynn Macau casino resort, operated by Wynn Resorts Ltd., in Macau, China, on Tuesday, Jan.
Wynn Macau is operated by international resort developer Wynn Resorts. [2]
Wynn Macau opened on September 6, 2006 and its second tower - Encore opened on April 21, 2010.[3]
- 1History
History[edit]
Wynn Macau opened to the public on 6 September 2006.[4]
In December 2007, Wynn Macau completed an expansion, adding more gaming space and additional food and beverage and retail shops.[4]
In 2009, Wynn Macau became one of only five hotels in Asia to receive the Forbes Five-Star award.[4]
Second Tower Expansion[edit]
On 21 April 2010, the company opened Encore at Wynn Macau[4][5], an all-suite boutique hotel, which is fully integrated into the existing operations at Wynn Macau similar to Encore Las Vegas.[6] Encore Macau has 410 suites, including 41 Grand Salon Suites, bringing the total number of rooms at Wynn Macau to 1,008.[7]
[4][8]
Cotai Strip[edit]
On 1 May 2012, Wynn Macau received approval from the Macau government for its Cotai land concession, paving the way for Wynn Macau to break ground on the 51-acre site.[9]
Wynn Macau Limited acquired a group of Jiaqing period (1796-1820) porcelain vases at a Christie's London auction on July 7, 2011. The vases were purchased for £8 million ($12.8 million). 'We are delighted to return works of this extraordinary quality to the city of Macau and the People’s Republic of China,' Roger Thomas, executive vice president of Design for Wynn Design and Development, said after the sale.[10]
The Qing dynasty vases were on display at Wynn Palace and a sixteenth-century Louis XIV Beauvais Chinoiserie tapestry of 'The Emperor on a Journey,' is on display at Wynn Macau. Other art at Wynn Macau includes a Louis Rigal drawing, Macanese silk embroidery, a Louis XIV silk tapestry, two cloisonné camels, and Ming Dynasty statuary.[11]
See also[edit]
References[edit]
- ^'UNAUDITED RESULTS FOR THE SECOND QUARTER AND THE FIRST HALF OF FISCAL 2017'(PDF).
- ^Kester, Jennifer. 'Forbes Travel Guide Reveals Its 2017 Star Award Winners'. Forbes.
- ^'Corporate Profile'. Wynn Macau Limited. Retrieved 22 December 2015.
- ^ abcdeWynn Macau. 'Corporate Profile'. Retrieved 1 December 2013.
- ^'Encore At Wynn Macau Opens Today'. Multivu.prnewswire.com. Retrieved 29 January 2012.
- ^'Wynn Macau Prices Hong Kong IPO at the Top of the Range LAS VEGAS-(BUSINESS WIRE)-Sep. 30, 2009'. Phx.corporate-ir.net. Retrieved 29 January 2012.
- ^'Steve Wynn On Encore Macau & Wynn Cotai – Macao and Cotai Strip Travel Blog'. MacauTripping.com. Retrieved 29 January 2012.
- ^'Encore At Wynn Macau Opens Today'. Multivu.prnewswire.com. Retrieved 29 January 2012.
- ^Wynn Macau Receives Approval for Cotai Development BUSINESS. online.wsj.com. 1 May 2012.
- ^Casino Mogul Wynn Buys $12.8 Million Chinese Vases for Resort Bloomberg. By Scott Reyburn. 8 July 2011.
- ^Wynn returns Chinese antique treasures Macau Daily Times. 28 October 2011 10:24:00
External links[edit]
| Wikimedia Commons has media related to Wynn Macau. |
Coordinates: 22°11′17″N113°32′45″E / 22.18806°N 113.54583°E
Wynn Resorts Ltd. shares fell 5.9% after the gaming company got bad news from Macau. After building a $4.1 billion integrated resort-casino on the Cotai Strip in Macau (Wynn Palace), the company learned it would receive only about one-half of the projected number of baccarat tables. Making matters worse, betting at the company’s already existing Chinese casino, Wynn Macau, was down in July.
Bloomberg Intelligence analyst Margaret Huang said that the softness in the Las Vegas market, especially unforseen labor costs, had hurt the stock numbers. Huang said that Wynn Macau had posted a solid quarter and that, “All in all, it’s still leading the market.”
The fact that Wynn’s numbers beat its competitors show how bad the Macau numbers are. Betting revenues among high rollers at the Wynn Macau were down 24%. Betting from recreational gamblers dropped 1.7%. The combined news caused share prices to drop below $104.62 to $98.52. Analysts said the worst news was about the number of baccarat tables allotted to the upcoming Wynn Palace by Macau officials.
Catering to the Mass Market
Steve Wynn’s casino empire tends to market to high rollers and luxury clientele, wherever they operate. Margaret Huang said Wynn is going needs to show it can cater to the mass market clientele, which increasingly is becoming the key to success in China’s casino city.
Margaret Huang said, “The property itself is going to target the higher end of the business. They have hotels and amenities that are priced in a range to attract that particular segment. They have other attractions that potentially dips into the mass market, including that fountain and the gondola ride.”
Reasons for Optimism
The real challenge, she said, is going to be “competitively price for the cash paying clients, which is very different from what they were priced to prior [to Macau’s decline].”
Shares of Wynn Resorts had gone higher earlier in the week when Sheldon Adelson, founder of Las Vegas Sands Corp., said the Macau gaming market had “bottomed out”. Adelson’s remarks came at the end of a 26 months of decline in the Macau casino industry, which is still the largest gaming destination in the world. Adelson’s net wealth has tumbled from around $38 billion to an estimated $22 billion in that two-plus years, mainly due to the softening Macau market.
The decline is due to President Xi Jinping’s corruption crackdown in China, which began to influence the Macau gaming industry in the middle part of 2014. The investigations have caused Chinese high rollers to curtail their spending in Macau and elsewhere, for fear their conspicuous consumption is going to lead to scrutiny.
The crackdown also harmed the junket operators, who may have ties to Chinese organized crime. The junkets are the traditional way high rollers have gambled in Macau, because the operators lend the high stakes players credits. Macau casinos will not offer markers to players, because mainland Chinese laws do not allow the casinos to collect those debts through the court system.
Wynn Casino Macau Share Price 2017
Margaret Huang on Wynn’s Strengths
The decision to limit the number of table games is a decision made by local Macau officials. This has been a recurring problem, after the Studio City received a smaller allotment when it opened last October. The Macau officials appear to be following Xi Jinping’s advice, who said in a December 2014 address in Macau that the city needs to diversify its economy.
Wynn Casino Macau Share Price Today
The limitations are going to hamper Wynn’s move to the Cotai Strip, but the company is likely to see good results within those limitations. The reason Wynn Resorts continues to lead the market is efficiency. Huang said, “Their forte is efficiency in the gambling business. The price per table does well.”
Jamie Soo on Baccarat Allocation
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Jamie Soo, who analyzes the market for Daiwa Capital Markets Hong Kong Ltd, said of the baccarat allocation, “The number of allocated tables to Wynn Palace is very disappointing. The reductions in bets indicates the continuous weak demand in the market, and the real recovery sign for Wynn and the gaming market in Macau has yet to be seen.”
The decision is indicative of the arbitrary nature of Chinese business life. Wynn Resorts decided to build a second, even more luxurious, casino in Macau at a time when the city was seeing an unprecedented 10-year boom in its economy. With such a track record, Macau seemed to be a sure bet.
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Risky $4.1 Billion Investment
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Almost overnight, the situation turned, based on policies back in Beijing. After Wynn spent $4 billion+ on their casino and years constructing the site, the gaming company did not know three or four weeks before opening how many baccarat tables they would receive. Despite Steve Wynn’s suggestion in October 2015 that the Chinese one-party system was better for a businessman to deal with than the chaos of a two-party system in the United States, the table game allotment is a sign of the arbitrary, uncertain system Macau gaming operators face.
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Consider that the casino is opening in a month. Wynn Resorts not only does not know how many baccarat tables it needs to buy, but it also has no idea how many dealers it must hire and train. With a few weeks left, such decisions already should have been made and implemented.