Although Wynn Macau is among the venues that have been severely affected by the revenue crisis in Macau, the company is striving to become as profitable as it used to be.
Its representatives announced that the refurbished area available for VIP players will be opened in a few days.
Actually, this will happen no later than February 19th when the celebrations for Chinese New Year start.
In order to bring its former glory back, Wynn Macau has to prioritize its goals. Steve Wynn, the chairman of Wynn Resorts Ltd., said that Wynn Macau parted ways with four junket operators as the collaboration between them did not bring the expected results.
Wynn made that announcement yesterday during a conference organized in order the revenues generated in Q4 to be discussed.
Wynn said that they have sorted out the strongest operators from the weaker ones with the aim of ensuring players’ safety and security.
Wynn added that previously, the company worked with 13 junket operators but their number decreased as Wynn Resorts is a company which is “very conservative about credit” and as a result it is willing to work with “conservative counterparts in that industry”.
As for the revenues generated during Q4, market analysts stated that during the period in question, “cost pressures were evident”.
During the Q4, the staff cost for Wynn Macau jumped by 7%. The complementaries reached 5.4% of GGR. The junket commissions formed more than 37% of the gross gaming revenue generated from VIP players.
As far as the renovation of the Macau-based casino is concerned, Wynn said that two new rooms have already been granted to Guangdong Group and Suncity.
Wynn added that for the time being, Suncity can take pride in being among the most prominent junket operators on the territory of Macau and it is more than welcome to join Wynn Macau. He promised that Suncity will be provided with everything necessary for running a successful business.
The tables at Wynn Macau will be increased as a result of the arrival of the VIP rooms as well as the growing number of tables intended for mass players. This would undoubtedly diversify the gambling opportunities available within the property.
Apparently, Wynn Resorts is trying to consolidate its positions on the Asian gambling market but it does not mean that Mr. Wynn has given up on expanding his business in the USA.
A luxurious resort near Boston is about to be established and experts who attended the above-mentioned conference announced that the entire project will cost Wynn the sum of $1.7 billion instead of $1.5 billion.
