Latest news with #CraigBillings
Bloomberg
07-05-2025
- Business
- Bloomberg
Wynn Resorts Delays Hotel Remodeling Due to Tariff Concerns
Wynn Resorts Ltd. is delaying $375 million in capital improvement projects, including a remodeling of its Encore hotel tower in Las Vegas, due to the impact of tariffs. Craig Billings, chief executive officer of the hotel and casino company, cited furniture and fixtures coming from countries that have been hit by tariffs imposed by President Donald Trump. Finding and evaluating new vendors will take time, he said.
Reuters
06-05-2025
- Business
- Reuters
Wynn Resorts posts downbeat quarterly results due to slowdown across its properties
May 6 (Reuters) - Wynn Resorts (WYNN.O), opens new tab posted first-quarter results that missed Wall Street estimates on Tuesday, owing to sluggish business across its luxury resorts. The company reported a revenue fall of 8.7% at its Macau-based Wynn Palace and a 19.9% fall in revenue at Wynn Macau. Shares of Wynn were down 2.4% in after-market trading. They have fallen more than 9% since the start of 2025. Wynn said its Macau performance was hurt by high-stakes gamblers winning more than usual, causing lower earnings from its VIP casino operations. Revenues from both its Las Vegas operations and Encore Boston Harbor were down 1.8% and 3.9%, respectively. Over the last two months, various airlines including Delta (DAL.N), opens new tab warned of stalling travel demand, while hotel operators like Hilton (HLT.N), opens new tab and Marriott (MAR.O), opens new tab lowered their annual forecasts as the U.S. President Donald Trump's trade policy hammers consumer sentiment and puts travelers in a "wait-and-see" mode. Wynn Resorts reported total operating revenue of $1.70 billion, below analysts' average estimate of $1.74 billion, according to data compiled by LSEG. "In Macau, while VIP hold negatively impacted results, we held market share in our expected range," CEO Craig Billings said, adding that construction of Wynn's UAE project, Wynn Al Marjan Island, continued to advance in the quarter. The casino operator reported an adjusted profit of $1.07 per share for the quarter ended March 31, which also came below Wall Street expectations of $1.19 per share. Its peer MGM Resorts International (MGM.N), opens new tab reported first-quarter profit above estimates last week, driven by strong performance in its online sports-betting unit.
Khaleej Times
24-04-2025
- Business
- Khaleej Times
UAE jobs: Wynn Al Marjan announces vacancies, career page goes live
Wynn Al Marjan, an integrated gaming resort coming up in Ras Al Khaimah, has announced vacancies as its career page went live ahead of the opening of the landmark property in 2027. Currently, it has listed seven vacancies, but as the hotel progresses towards completion more openings will be announced. As of Thursday, it listed jobs for executive director of technical operation, procurement analyst, IT application support analyst, compensation and benefits manager, contract services administrator, contract services manager and talent acquisition recruiter. 'We are building something extraordinary — and looking for exceptional people to be part of it. Wynn Al Marjan Island's career site is now live. If you are ready to help shape the region's most anticipated destination, this is where it begins,' it said. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Upon completion in early 2027, the $3.9 billion Wynn Al Marjan will feature 1,542 rooms and suites, a hotel, villas, a shopping mall, a meeting and convention facility, a spa, over 20 restaurants and lounges, 225,000sqft of gaming area and a wide variety of entertainment choices including a night club and a beach club and other amenities. Industry executives estimate that typically a hotel requires 1.2-1.5 employees per room to operate the facility — depending on the luxury level and amenities. Since, Wynn Al Marjan will have a huge gaming area and other facilities, it will require many more employees to run the operation smoothly at the uber-luxury property. Ras Al Khaimah's hospitality and real estate markets have seen massive attention following the announcement of Wynn Al Marjan. The northern emirate has set an ambitious target to attract 3.5 million tourists by 2030. It has currently 8,000 hotel keys and hopes to increase them to 16,000-20,000 to meet growing demand from residents and foreign tourists. In October 2024, Wynn Resorts was awarded the UAE's first commercial gaming operator's licence by the General Commercial Gaming Regulatory Authority (GCGRA). The Las Vegas-based casino firm is building Wynn Al Marjan Island as the first integrated gaming resort in the Middle East and North Africa (MENA) region. Terming it a 'must-see' destination, Craig Billings, CEO of Wynn Resorts, said in the annual report that they have deployed a 'creative team at Wynn Design and Development in full force, with a particular focus on Wynn Al Marjan Island.' Construction of the property is progressing at a fast pace with one floor being added per week. The construction reached the 38th floor in March. 'We made solid progress on Wynn Al Marjan Island in 2024 and expect to top off construction at the end of this year. We have a strong and experienced management team on the ground,' said Billings. Employee benefits Wynn Al Marjan said on its website that it understands 'the importance of providing exceptional staff housing to foster a supportive and inspiring work environment' and aims to provide 'a home away from home.' The Wynn employee campus will accommodate teams from up to 95 countries. The campus will have a variety of lounges to relax; a TV and media room to enjoy downtime and catch the latest Netflix series; a snooker table and arcade games for recreation; an all-day open employ dining that offers international cuisines; and a comprehensive transport option for all employees. The transport buses — with WiFi — will shuttle staff to and from the hotel, it said.
Yahoo
18-02-2025
- Business
- Yahoo
Wynn bullish on Las Vegas as demand remains ‘healthy'
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Wynn Resorts' operating revenues for its Las Vegas segment, where the company operates Wynn Las Vegas and Encore, increased slightly (0.3%) in the fourth quarter of 2024, according to an earnings report. Wynn's adjusted property EBITDAR in Las Vegas in Q4, meanwhile, was $267.4 million, down 1.25% year over year from $270.8 million in the fourth quarter of 2023. Despite the decline, CEO Craig Billings said in the report that Wynn 'delivered strong quarterly performance in Las Vegas on very tough comparables.' During a Thursday earnings call, Billings expressed optimism for the Nevada market, touting healthy travel demand as a driver of future growth. In Las Vegas, demand remained healthy in the fourth quarter of 2024, with nongaming business strong despite tough year-over-year comparisons during the week of Formula 1's Grand Prix, Billings said during the call. He added that EBITDA during 2024's F1 event was about $20 million lower than in 2023. Despite the year-over-year decline, Wynn's daily EBITDA during the 2024 event was 'materially elevated relative to the years before F1 was a fixture in the market,' Billings said. Wynn competitor MGM Resorts International also reported a decrease in casino and room revenues in Las Vegas during 2024's F1 event compared to 2023. Strong travel demand in Las Vegas has kicked off 2025, with group and convention room nights on the books for the year at 'healthy ADRs,' according to Billings. 'Transient booking demand over the last two weeks has been extremely robust. When coupled with a calendar that is once again chock-full of large demand drivers in the market, the setup for 2025 feels good,' Billings said. Las Vegas is poised to benefit from sports tourism, specifically. Other factors that will help Wynn 'exit 2025 even stronger,' include the anticipated opening of food and beverage concept Zero Bond at Wynn Las Vegas as well as a planned renovation of the Encore Tower and 'other relatively modest targeted investments,' Billings shared on the call.
