Wynn Resorts Ltd. stated it will wait to develop more of its property on Las Vegas Blvd.
The company purchased 34 acres of land in 2017 for approximately $336M. During the company’s Q4 earnings call, the CEO Craig Billings said the company does not want to focus on too many projects at one time.
This comes as the company is currently developing the Wynn Al Marjan Island in the United Arab Emirates. The CEO claimed the Marjan Island resort is the company’s current top priority. On top of this, Wynn also has a bid in place for a casino in New York and is actively looking into creating a resort in Thailand.
Wynn is also wary of the Las Vegas market as a variety of casinos/resorts have opened in the past four-to-five years, including two Wynn projects. Billings said the company has considered different options for what future developments may occur, but nothing is currently planned.
The company also intends to renovate rooms in the Encore tower. (Source)
