Wynn Resorts to spend $200 million upgrading its Vegas properties
By Bob Garcia
The casino operator wants to emerge from the COVID-19 debacle with fresh digs
It has been more than ten years since Wynn Resorts renovated its Wynn Las Vegas and Encore Las Vegas properties, but that is about to change. A $200 million “complete remodel” of hotel rooms at both locations is expected to begin in July and is a clear strategy ahead of the expected rebound in the casino business next year.
Wynn is clear that this remodel will give it a competitive advantage over other properties located on the Vegas Strip, especially at a time when many events have begun to take hold, as Nevada has been recovering in a big way from COVID-19 in recent months. The casino operator has already been starting to get some convention business on its schedule and the upgrades will help it to stand out. It has been reported that nearly 600 clients who took part in a group meeting provided valuable information on how to keep clientele satisfied and safe as business returns to normal.
With a very positive mindset, Matt Maddox, CEO of Wynn Resorts, said the company has the potential to reach “$40 billion in the next five years. During the first quarter of this year, earnings reported were clearly affected by the pandemic but were still not as negative due to cost-cutting measures. Operating income was $725.8 million, representing a 23.9% decrease compared to this period last year when income was $953.7 million.
“Our first-quarter results reflect continued progress in our business as consumers began traveling once again to their favorite leisure and gaming destinations,” Maddox added. It is very likely that as time progresses, COVID-19 subsides, and redevelopment begins to take shape, Wynn Resorts will begin to see record earnings.