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Wynn Resorts Expands into the UAE: A Strategic Move for the Future
Wynn Resorts CEO Craig Billings shared insights on the company’s recent expansion into the United Arab Emirates during an interview with CNBC’s Jim Cramer. Billings highlighted the significant opportunity in the UAE, noting the region’s potential as a burgeoning market for gaming and hospitality.
The UAE awarded Wynn the inaugural commercial gaming operator’s license in the country last year. This landmark decision paves the way for Wynn to establish a foothold in a market that several analysts estimate could be worth between $5 billion to $8 billion. To provide context, the Las Vegas Strip, a well-established gaming hub, generates slightly over $6 billion. This comparison underscores the UAE’s potential as a substantial market for Wynn Resorts.
Billings emphasized the appeal of the UAE’s wealthy demographics and growing population as critical factors driving the company’s investment. The new resort development is progressing rapidly, with one floor being constructed weekly. Currently, the project has reached the 42nd floor of what will ultimately be a 70-story structure, covering approximately five million square feet and featuring 1,500 accommodations as well as 25 dining and beverage outlets.
In addition to its UAE endeavors, Wynn is poised to expand into the London market. Billings referred to this initiative as “a small acquisition in dollar terms, but a big acquisition in strategic terms.” This move not only promises to enhance customer data collection from the London area but is also expected to bolster Wynn’s operations in the UAE, given that many UAE residents frequently visit London.
Looking ahead, Wynn Resorts is contemplating additional casino developments in Las Vegas and is exploring business opportunities in Thailand as part of its growth strategy. Despite prevailing concerns regarding inflation, tariffs, and broader economic conditions, Billings assured that Wynn’s customer base remains resilient.
“Our customer tends to be more levered to the market and…what’s happening in the markets,” he stated, indicating confidence in the company’s ability to navigate economic fluctuations.
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