Wynn Resorts Touts Macau, Las Vegas Plans
April 07 2016 - 11:20AM
Dow Jones News
Wynn Resorts Ltd. shares on Thursday hit their highest point
since August after the casino operator hosted an investor day at
which the company provided an update on its next resort in
Macau.
Shares of the company, up 29% over the past three months, rose
10% to $98.89 in recent trading in New York. The stock, which
hasn't traded above $100 since August, reached as high as $99.62 on
Thursday.
The company gave a financial outlook for Wynn Palace, a $4
billion hotel in Cotai, a strip of reclaimed swampland in Macau
that has become prime ground for large developments. The Wynn
Palace is slated to open in June.
Nomura analysts described Wynn's expectations of $2.4 billion to
$3.1 billion in 2017 gambling revenue and $630 million to $850
million in Ebitda, or earnings before interest, taxes, depreciation
and amortization, as "very bullish."
Also at its investor day, Wynn highlighted a new Las Vegas
development, tentatively called Wynn Paradise Park, to be
constructed on the 130 acres of real estate that currently houses
the Wynn Golf Club.
The proposed 38-acre lagoon—which will host activities such as
water skiing, paddle boarding and parasailing—will be lined by a
boardwalk and a sand beach. The Mandalay Bay resort in Las Vegas
also has an artificial beach, which is 11 acres.
"We have a chance to reinvent Las Vegas and make the whole venue
an entertainment attraction…an idyllic beach paradise surrounded by
white sand beaches," said Steve Wynn, the company's chairman and
chief executive.
The new development also will include meetings and convention
space, a 1,000 room hotel tower, a small casino, and dining and
nightlife. The development is subject to approval by the company's
board of directors, and the cost wasn't immediately specified.
In February, Wynn reported that revenue from its Las Vegas
operations rose 3.8% to $391.2 million. The company is expected to
next report results in May.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 07, 2016 12:05 ET (16:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Apr 2024 to May 2024
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From May 2023 to May 2024