Wynn Resorts Macau Signs 10-year Gaming Concession Agreement

Rhea-AI Summary

Wynn Resorts has secured a 10-year gaming concession agreement with the Macau government for its properties, Wynn Macau and Wynn Palace Cotai. The agreement emphasizes the company's confidence in future market opportunities in Macau, showcasing its commitment to enhancing the region as a top-tier tourism and leisure destination. Wynn Resorts thanked the Macau government for their partnership, highlighting ongoing positive discussions that signal strong prospects for its operations in the area.

Positive

• 10-year gaming concession agreement secured with the Macau government.
• Strengthened partnership with Macau government for future growth.
• Positive discussions indicate strong market confidence in Macau.

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• None.

LAS VEGAS, Dec. 16, 2022 /PRNewswire/ --  Wynn Resorts is pleased to announce that Wynn Resorts (Macau) S.A. has entered into a 10-year agreement with the Macau government for the renewal of its gaming concession, covering Wynn Macau and Wynn Palace Cotai. Through our extensive and positive discussions with the Macau government, we are confident that the market holds significant future opportunity.  We thank the government for its partnership and look forward to further supporting Macau as a world tourism and leisure center.

About Wynn Resorts

Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn Las Vegas (wynnlasvegas.com), Encore Boston Harbor (encorebostonharbor.com), Wynn Macau (wynnmacau.com), and Wynn Palace, Cotai (wynnpalace.com).

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,748 spacious hotel rooms, suites and villas, approximately 194,000 square feet of casino space, 21 dining experiences featuring signature chefs and 11 bars, two award-winning spas, approximately 513,000 rentable square feet of meeting and convention space, approximately 155,000 square feet of retail space as well as two theaters, two nightclubs, a beach club and recreation and leisure facilities including Wynn Golf Club, an 18-hole, 128-acre championship golf course.

Encore Boston Harbor is a luxury resort destination featuring a 211,000 square foot casino, 671 hotel rooms, an ultra-premium spa, specialty retail, 16 dining and lounge venues, and approximately 71,000 square feet of state-of-the-art ballroom and meeting spaces. Situated on the waterfront along the Mystic River in Everett, Massachusetts, the resort has created a six-acre public park and Harborwalk along the shoreline. It is the largest private, single-phase development in the history of the Commonwealth of Massachusetts.

Wynn Macau is a luxury hotel and casino resort located in the Macau Special Administrative Region of the People's Republic of China with two luxury hotel towers with a total of 1,010 spacious rooms and suites, approximately 252,000 square feet of casino space, 14 food and beverage outlets, approximately 31,000 square feet of meeting and convention space, approximately 59,000 square feet of retail space, and recreation and leisure facilities including two opulent spas, a salon and a rotunda show.

Wynn Palace is a luxury integrated resort in Macau. Designed as a floral-themed destination, it boasts 1,706 exquisite rooms, suites and villas, approximately 424,000 square feet of casino space, 14 food and beverage outlets, approximately 37,000 square feet of meeting and convention space, approximately 107,000 square feet of designer retail, SkyCabs that traverse an eight-acre Performance Lake, an extensive collection of rare art, a lush spa, salon and recreation and leisure facilities.

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SOURCE Wynn Resorts, Limited

FAQ

What is the significance of Wynn's new gaming concession agreement in Macau?

Wynn's 10-year gaming concession agreement ensures continued operations in Macau, supporting its business model and growth potential.

When was the gaming concession agreement with Macau signed?

The gaming concession agreement was signed on December 16, 2022.

What properties are included in Wynn's gaming concession agreement?

The agreement covers Wynn Macau and Wynn Palace Cotai.

What does the agreement mean for Wynn's future in Macau?

The agreement suggests confidence in market opportunities, enabling Wynn to invest and grow its presence in Macau.

How does the partnership with the Macau government affect Wynn Resorts?

The partnership reinforces Wynn's operational stability and potential for development in a competitive tourism market.