Wynn Resorts Profile
Wynn Resorts, Limited operates as a preeminent designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on the company's guests, its people, and its community.
The company's extensive design and operational experience across numerous gaming jurisdictions provides the company with a distinct advantage over other gaming enterprises.
Through its approximately 72% ownership of Wynn Macau, Limited (WML), the company operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China (Macau), Wynn Palace and Wynn Macau (collectively, Macau Operations). In Las Vegas, Nevada, the company operates and, with the exception of certain retail space, owns 100% of Wynn Las Vegas and Encore at Wynn Las Vegas, which it also refers to as its Las Vegas Operations. In Everett, Massachusetts, the company operates Encore Boston Harbor, an integrated resort. In addition, the company holds an approximately 97% interest in Wynn Interactive Ltd. (Wynn Interactive), which operates WynnBET, its digital sports betting and casino gaming business. Additionally, the company has a 40% equity interest in Island 3 AMI FZ-LLC, an unconsolidated affiliate, which is constructing an integrated resort property (Wynn Al Marjan Island) in Ras Al Khaimah, United Arab Emirates.
Strategy
The company conceptualizes, designs, builds, and operates its resorts to create unforgettable customer experiences across a diverse set of gaming and non-gaming amenities that attract a wide range of customer segments and generate strong financial results.
Central to the company's strategy is the construction of, and regular reinvestment in, world-class integrated resorts. These activities are led by the company's in-house design, development, and construction subsidiary and its senior management team, which has significant experience across all major design and construction disciplines. The company has been successful in attracting a wide range of premium guests both domestically and internationally. Part of this strategy includes leveraging the company's marketing team across various branch offices located internationally to connect with and build relationships with its customers. The company continually evaluates its offerings and service levels, and as a result, have made and expects to continue to make enhancements and refinements to its resorts. The company plans to continue to seek out new opportunities to develop and operate world-class integrated resorts and related businesses around the world.
Resorts
The company presents the operating results of its four resorts in the following segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The company generally experiences fluctuations in revenues and cash flows from month to month, including from such factors as the timing of major conventions and holidays.
Wynn Palace
The company opened Wynn Palace in 2016, on Macau's Cotai Strip, conveniently located minutes from both Macau International Airport and the Macau Taipa Ferry Terminal and directly adjacent to a stop serviced by Macau's light rail system. The property features casino space with table games and slot machines, as well as private gaming salons and sky casinos. Wynn Palace also features a luxury hotel tower with guest rooms, suites, and villas, offering a health club, spa, salon, and pool. In addition, Wynn Palace offers food and beverage outlets, high-end, brand-name retail space, and meeting and convention space. The property's signature public attractions and entertainment offerings include a performance lake, an immersive entertainment center, Western and Asian art displays, and a gondola ride offering convenient street-level access.
The company is in the design stages of developing the next phase of Wynn Palace. The company expects that the next phase at Wynn Palace will incorporate an array of amenities such as theater and event space, food and beverage features, and other non-gaming offerings.
Wynn Macau
The company opened Wynn Macau in 2006, and Encore, an expansion of Wynn Macau, in 2010. Located in the heart of downtown Macau, the property features casino space with table games and slot machines, as well as private gaming salons, sky casinos, and a poker room. Wynn Macau also features luxury hotel towers with guest rooms and suites, offering two health clubs, two spas, a salon and a pool. In addition, Wynn Macau offers food and beverage outlets, high-end, brand-name retail space, meeting and convention space. Wynn Macau's signature attractions include a performance lake and a rotunda show featuring a Chinese zodiac-inspired ceiling along with gold tree of prosperity and dragon of fortune features.
Las Vegas Operations
The company opened Wynn Las Vegas in 2005 and Encore, an expansion of Wynn Las Vegas, in 2008. Wynn Las Vegas is located at the intersection of the Las Vegas Strip and Sands Avenue, and occupies land fronting the Las Vegas Strip. The property features casino space with table games and slot machines, as well as private gaming salons, a sky casino, a poker room, and a race and sports book. Wynn Las Vegas also features two luxury hotel towers with a total of guest rooms, suites, and villas, which offers swimming pools, private cabanas, two full service spas and salons, and a wedding chapel. In addition, Wynn Las Vegas offers food and beverage outlets, high-end, brand-name retail space, meeting and convention space, and a golf course. The company's nightlife and entertainment offerings at Wynn Las Vegas include two nightclubs and a beach club, and two theaters presenting an exclusive theatrical production and various headliner entertainment act.
Encore Boston Harbor
On June 23, 2019, the company opened Encore Boston Harbor, an integrated resort in Everett, Massachusetts, adjacent to Boston along the Mystic River. The property features casino space with table games, poker tables and slot machines, private and high-limit gaming areas, and a sports book. Encore Boston Harbor also features a luxury hotel tower with guest rooms and suites, which offers a spa and salon. In addition, Encore Boston Harbor offers food and beverage outlets and a nightclub, retail space, and meeting and convention space. Public attractions include a waterfront park, floral displays, and water shuttle service to downtown Boston.
Future Development Projects
In January 2022, the company, along with Al Marjan Island and RAK Hospitality, announced plans for the development and management of Wynn Al Marjan Island, a destination integrated resort property in the Emirate of Ras Al Khaimah, United Arab Emirates. Wynn Al Marjan Island, which is under construction, is anticipated to be completed and open to the public in 2027, featuring room hotel, luxury villas, a high-end shopping mall, a state-of-the-art meeting and convention facility, an exclusive spa, restaurants and lounges, a wide array of entertainment choices, a gaming area (subject to regulatory approval), and other amenities. The planned integrated resort will leverage Wynn Resorts' expertise in developing and operating luxury hospitality destinations, and is expected to create substantial value to the local economy by accelerating tourism, creating jobs, and contributing to the growth of related sectors.
The company is constructing a phased development adjacent to Encore Boston Harbor, which will include a theater, entertainment venues, gaming facilities, food and beverage facilities, and a parking garage. The company anticipates this development opening to the public in 2026.
Wynn Interactive
In August 2023, the company announced its decision to close WynnBET, Wynn Interactive's digital sports betting and casino gaming business, in jurisdictions other than New York, Massachusetts, and Michigan, and in January 2024 the company announced its decision to close WynnBET in Massachusetts. In February 2024, the company entered into an asset purchase agreement providing for the transfer and assignment of Wynn's market access rights and related obligations in Michigan to Caesars Entertainment, Inc., and separately, signed an equity purchase agreement for the sale of WSI US, LLC, Wynn Interactive's domestic operating subsidiary, which includes the company's gaming license in New York, to Penn Entertainment, Inc.; in each case, subject to certain customary closing conditions.
Digital Sports Betting and Gaming
The company and its partners are subject to various federal, state, and international laws and regulations that affect its digital sports betting and casino gaming businesses. The ownership, operation, and management of the company's digital sports betting and casino gaming business are subject to regulations of each of the jurisdictions in which it operates.
Intellectual Property
Among the company's most important marks are its trademarks and service marks that use the name WYNN. Wynn Resorts has registered with the U.S. Patent and Trademark Office (PTO) a variety of WYNN-related trademarks and service marks in connection with a variety of goods and services.
The company has also filed applications with various foreign patent and trademark registries, including in Macau, China, Singapore, Hong Kong, Taiwan, Japan, certain European countries and various other jurisdictions throughout the world, to register a variety of WYNN-related trademarks and service marks in connection with a variety of goods and services.
The company recognizes that its intellectual property assets, including the word and logo version of WYNN, are among its most valuable assets. As a result, and in connection with expansion of its resorts and gaming activities outside the United States, the company has undertaken a program to register its trademarks and other intellectual property rights in relevant jurisdictions. The company has retained counsel and intend to take all steps necessary to protect its intellectual property rights against unauthorized use throughout the world.
Pursuant to the Surname Rights Agreement, dated August 6, 2004, Stephen A. Wynn (Mr. Wynn) granted the company its exclusive, fully paid-up, perpetual, worldwide license to use, and to own and register trademarks and service marks incorporating the Wynn surname for casino resorts and related businesses, together with the right to sublicense the name and marks to its affiliates. Pursuant to a separation agreement, dated February 15, 2018, by and between Mr. Wynn and the company, if it ceases to use the Wynn surname and trademark, the company will assign all of its right, title, and interest in the WYNN marks to Mr. Wynn and terminate the Surname Rights Agreement.
The company's domain registrations extend to various foreign jurisdictions, such as .com.cn and .com.hk. The company pursues domain related infringement on a case by case basis depending on the infringing domain in question.
Competition
Encore Boston Harbor competes with both commercial and Native American casinos located in the northeastern United States, including two Native American casinos in Connecticut, two casinos in Rhode Island, and MGM Springfield in Massachusetts.
Regulation
Nevada
The ownership and operation of casino gaming facilities in Nevada are subject to the Nevada Gaming Control Act and the regulations made thereunder (collectively, the 'Nevada Act'), as well as to various local ordinances. The company's Las Vegas Operations are subject to the licensing and regulatory control of the Nevada Gaming Commission ('NGC'), the Nevada Gaming Control Board ('NGCB') and the Clark County Liquor and Gaming Licensing Board ('CCLGLB'). The NGC and NGCB are referred to herein collectively as the 'Nevada Gaming Authorities.'
The company's subsidiary, Wynn Las Vegas, LLC, the owner and operator of Wynn Las Vegas, is licensed by the Nevada Gaming Authorities to conduct casino gaming operations, including a race book and sports pool, pari-mutuel wagering and the operation of gaming salons. It is also licensed as a manufacturer and distributor.
The conduct of gaming activities and the service and sale of alcoholic beverages at Wynn Las Vegas are subject to licensing, control and regulation by the CCLGLB, which has granted Wynn Las Vegas, LLC licenses for such purposes. In addition to approving Wynn Las Vegas, LLC, the CCLGLB has the authority to approve all persons owning or controlling the equity of any entity controlling a gaming license. Certain of the company's officers, directors and key employees have been or may be required to file applications with the CCLGLB. Clark County gaming and liquor licenses are not transferable. The County has full power to limit, condition, suspend or revoke any license. Any disciplinary action could, and revocation would, have a substantial negative impact on the company's operations.
Massachusetts
The Massachusetts Expanded Gaming Act and the regulations promulgated thereunder (collectively the 'Massachusetts Act') subjects the owners and operators of gaming establishments to extensive state licensing and regulatory requirements. The company is subject to the Massachusetts Act through the company's ownership interest in Wynn MA, LLC, ('Wynn MA'), which operates Encore Boston Harbor.
Other Regulations
In addition to gaming regulations, the company is subject to extensive local, state, federal and foreign laws and regulations in the jurisdictions in which the company operates. These include, but are not limited to, laws and regulations relating to alcoholic beverages, environmental matters, employment and immigration, currency and other transactions, taxation, zoning and building codes, marketing and advertising, lending, debt collection, privacy, telemarketing, money laundering, laws and regulations administered by the Office of Foreign Assets Control, and anti-bribery laws, including the Foreign Corrupt Practices Act (the 'FCPA').
History
Wynn Resorts, Limited, a Nevada corporation, was founded in 2002. The company was incorporated in 2002.
