Wynn Resorts Ltd. announced it is putting $375M worth of projects on hold due to tariff-related uncertainty.
The announcement came from Wynn CEO Craig Billings during the company’s recent earnings call. The postponement will directly affect the planned Encore Las Vegas remodeling.
Billings said the plans had built in a degree of cushioning for tariff impact, but current rates and the uncertainty surrounding them have led to delays.
The CEO stated the company will reevaluate its plans upon tariffs settle down. The company does not want to embark on a construction project with tariff rates changing so rapidly.
While the company is postponing its construction projects, it feels optimistic its operational expenses will not be heavily impacted by the tariffs. Billings went on to say operational costs most impacted are food related and the company is seeking alternative sourcing methods. (Source)