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Wynn Resorts, Limited (Nasdaq: WYNN), a prestigious member of the S&P 500 Index, is a global leader in the luxury hospitality and gaming industry. Founded in 2002 by Steve Wynn, the company is renowned for operating some of the world's most luxurious casinos and resorts. Wynn Resorts owns and operates four megaresorts: Wynn Las Vegas, Encore Boston Harbor, Wynn Macau, and Wynn Palace, Cotai. Each property is a testament to the company's commitment to excellence, offering unparalleled experiences in gaming, dining, shopping, and entertainment.
Wynn Las Vegas and Encore in Las Vegas feature two luxurious hotel towers with a combined total of 4,748 rooms, suites, and villas. The resort boasts approximately 194,000 square feet of casino space, 20 signature dining experiences, 14 bars, two award-winning spas, extensive retail space, and state-of-the-art meeting and convention facilities. Additional amenities include showrooms, nightclubs, a beach club, and the Wynn Golf Club with an 18-hole championship course.
Encore Boston Harbor, situated along the Mystic River in Everett, Massachusetts, is a premier resort destination that includes a 210,000 square foot casino, 671 hotel rooms, specialty retail, a luxury spa, and numerous dining and lounge venues. The resort also features a six-acre public park and Harborwalk, making it a unique addition to the region's landscape.
In Macau, Wynn Resorts operates Wynn Macau and Wynn Palace. Wynn Macau comprises two luxury hotel towers with 1,010 rooms and suites, a casino, multiple dining options, meeting spaces, retail outlets, and recreational facilities. Wynn Palace, known for its floral theme, offers 1,706 rooms, suites, and villas, along with extensive gaming space, dining outlets, designer retail, and unique attractions such as the SkyCabs and Performance Lake.
Wynn Resorts is not only a leader in luxury hospitality but also a pioneer in integrated resort development. The company is currently constructing Wynn Al Marjan Island in Ras Al Khaimah, UAE, its first beachfront resort and the first integrated gaming resort in the MENA region. This ambitious project, anticipated to open in early 2027, is being developed in partnership with Marjan and RAK Hospitality Holding. The resort will feature 1,542 rooms and suites, extensive recreational facilities, world-class dining and entertainment options, and a luxurious design that blends the natural beauty of the region with Wynn's signature elegance.
Wynn Resorts also offers a digital sports betting and iGaming platform through Wynn Interactive, expanding its footprint in the growing online gaming market. The company's diversified portfolio and strategic investments highlight its commitment to innovation and growth.
With a strong financial performance, robust development pipeline, and a reputation for excellence, Wynn Resorts continues to set the standard in luxury hospitality and gaming worldwide. The company received significant EBITDA contributions from its operations in Macau and the US, exemplifying its global reach and influence in the industry.
Wynn Resorts and Austerlitz Acquisition Corporation I have announced the immediate termination of their merger agreement which aimed to combine Austerlitz I with Wynn Interactive, a subsidiary of Wynn Resorts. This decision came as both companies agreed to halt the merger process, impacting strategic growth plans for Wynn Interactive. CEO Craig Billings expressed confidence in the future of WynnBET, stating the company will focus on a more targeted user acquisition strategy while planning expansions into new states like New York.
Wynn Resorts, Limited (NASDAQ: WYNN) reported operating revenues of $994.6 million for Q3 2021, up from $370.5 million in Q3 2020. Net loss was $166.2 million, or $1.45 per diluted share, a significant improvement from the $758.1 million loss, or $7.10 per diluted share, a year prior. Adjusted Property EBITDA rose to $154.6 million compared to a loss of $(65.9) million in Q3 2020. The company highlighted recovery in Las Vegas and confidence in Macau's consumer demand as key points for future growth.
Wynn Resorts announced that CEO Matt Maddox will step down on January 31, 2022, following a unanimous decision by the Board. Craig Billings, currently CEO of Wynn Interactive, will succeed him starting February 1, 2022. Maddox has led the company through significant challenges, including the pandemic, and is credited with enhancing diversity in leadership and the successful launch of Encore Boston Harbor. Billings brings extensive industry experience and has been a board member since 2018.
WynnBET has announced that it has secured market access for online sportsbook operations in New York, marking the company's entry into the 19th jurisdiction. The New York State Gaming Commission approved WynnBET's application, originally submitted in August 2021. WynnBET currently operates in states like Arizona, New Jersey, and Virginia, reaching approximately 50% of the U.S. population and negotiating access to six more states. This expansion aims to enhance customer engagement and rewards for existing users while attracting new clientele.
Wynn Resorts (NASDAQ: WYNN) will announce its Q3 financial results on November 9, 2021, after market close. This will be followed by a conference call at 1:30 PM PT (4:30 PM ET). Interested parties can access the live broadcast on their website or by dialing (888) 455-5965. Additionally, a replay will be available until December 10, 2021.
WynnBET has partnered with Delaware North to gain market access for online sportsbook and casino operations in West Virginia, expanding its reach to 18 jurisdictions. This partnership allows WynnBET to tap into Delaware North's existing casinos, enhancing its footprint to cover approximately 44% of the U.S. population, with the potential to reach 77% as it negotiates access in seven more states. The rapidly evolving regulatory landscape will influence market access agreements.
WynnBET has appointed Ian Williams as Chief Operating Officer, a seasoned professional with 20 years in the gaming industry. Previously President of Online Gaming at Churchill Downs Inc., Williams helped transform its online wagering business into a profitable venture. He will oversee WynnBET's core functions including trading, marketing, and customer service, reporting to Wynn Interactive CEO Craig Billings. Williams has extensive experience securing market access across multiple states and aims to facilitate WynnBET's growth in a competitive landscape.
WynnBET, part of Wynn Resorts, has announced it has secured market access in Louisiana, expanding its footprint to 17 jurisdictions. This includes states such as Arizona, New Jersey, and Michigan, collectively representing about 46% of the U.S. population. WynnBET is in negotiations for access in an additional seven states, potentially increasing coverage to 77% of the U.S. adult population. The company emphasizes that access is subject to regulatory approvals.
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