Welcome to our dedicated page for Wynn Resorts news (Ticker: WYNN), a resource for investors and traders seeking the latest updates and insights on Wynn Resorts stock.
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 Las Vegas is set to transform over 2,600 guest rooms as part of the most extensive design evolution for its luxury accommodations. Scheduled for completion by June 2022, the project aims to enhance guest experiences with a focus on comfort and functionality. The redesign features a new room concept characterized by luxurious textiles, custom furniture, and advanced in-room technologies. Led by Todd-Avery Lenahan, the initiative aligns with Wynn's commitment to exceeding guest expectations in a competitive market.
Wynn Resorts (Nasdaq: WYNN) has achieved 24 Five-Star recognitions in the 2022 Forbes Travel Guide Awards, the highest of any independent hotel company worldwide. Notably, Encore Boston Harbor received its inaugural Five-Star rating for both hotel and spa, marking a significant milestone. Wynn Macau retains its title with eight individual Five-Star awards, a record for six consecutive years. Wynn Palace and Wynn Las Vegas continue to shine with multiple Five-Star accolades. This recognition underscores Wynn's commitment to luxury and exceptional guest experiences.
Wynn Las Vegas will host the exclusive Capital One's The Match event on June 1, 2022, featuring NFL stars Tom Brady, Aaron Rodgers, Patrick Mahomes, and Josh Allen. TNT will provide live coverage starting at 6:30 p.m. ET. This marks the second time Wynn Las Vegas serves as the venue for this 12-hole golf challenge. With a combined total of 30 Pro Bowl selections and 9 Super Bowl titles, these athletes are set to deliver an exciting competition.
Wynn Resorts has been awarded the Travel + Leisure Global Vision Award 2022, recognizing its commitment to sustainable travel initiatives. A panel of experts in travel and hospitality evaluated the nominees based on their environmental impact and responsible practices. Wynn Resorts' sustainability program, Goldleaf, aims for Net-Zero emissions by 2050, peak carbon emissions by 2030, and 50% renewable energy procurement by 2030. The company has demonstrated leadership through significant charitable contributions and policies promoting diversity and inclusion.
Realty Income has announced a $1.7 billion acquisition of the Encore Boston Harbor Resort and Casino from Wynn Resorts, marking its first foray into the gaming sector. The transaction involves a long-term net lease with a 5.9% initial cap rate, a 30-year lease term, and rental growth of 1.75% annually for the first decade. The Boston gaming market generates $2.6 billion in annual revenues, with the Encore projected to grow as it captures premium customers. Realty Income expects the deal to enhance earnings and strategic partnerships.
Wynn Resorts, Limited (NASDAQ: WYNN) reported significant financial results for Q4 2021, with operating revenues of $1.05 billion, a 53.5% increase from Q4 2020. The net loss narrowed to $177.2 million, or $1.54 per diluted share, compared to a larger loss of $269.5 million in Q4 2020. Adjusted Property EBITDA reached $149.1 million, up from $69.8 million a year earlier. For the full year, revenues rose 79.6% to $3.76 billion, while the net loss decreased to $755.8 million. The company announced plans for a luxury resort in the UAE, aiming to diversify its operations further.
Wynn Resorts (NASDAQ: WYNN) has entered a $1.70 billion agreement to sell Encore Boston Harbor's real estate to Realty Income (NYSE: O), achieving a 5.9% cap rate. The company will lease the property back at $100 million annually for 30 years, with a 1.75% rent escalation for the first decade. Wynn retains a 13-acre land parcel for future expansion in Everett, MA, with an option to sell additional assets to Realty Income for $20 million in rent. This transaction is expected to close in Q4 2022, pending regulatory approvals.
Jackpocket, a leading app for ordering official state lottery tickets, has partnered with WynnBET to offer exclusive promotions to New York State players. Starting with the "Big Game Big Deal" promotion, new WynnBET customers using the Jackpocket app can earn $200 in free bets after placing their first $10 bet. Jackpocket aims to enhance player engagement and awareness of WynnBET's services as it expands into sports betting. The app has facilitated over $100 million in lottery winnings since its launch in New York in January 2020.
FAQ
What is the current stock price of Wynn Resorts (WYNN)?
What is the market cap of Wynn Resorts (WYNN)?
What is Wynn Resorts, Limited?
Where is Wynn Resorts traded?
What are the main properties owned by Wynn Resorts?
Who founded Wynn Resorts?
What is Wynn Al Marjan Island?
Does Wynn Resorts operate any online gaming platforms?
What makes Wynn Resorts unique?
What percentage of Wynn Resorts' EBITDA came from Macau and the US in 2019?
What are some amenities offered at Wynn Las Vegas?
When is Wynn Al Marjan Island expected to open?
