Good Morning. Wynn’s foray into the UAE could be opening the gateway for a casino flourish in the desert, with expectations that the property could generate similar EBITDA to Wynn’s Cotai strip property, says an analyst. And in Macau, speculation has been temporarily tamed, as the Macau Jockey Club announces the approval for its race season, despite claims it could shutter. Meanwhile, Trip.com’s CEO is optimistic about the resurgence of Chinese outbound travel – a boon to all Asian casino operators.
What you need to know
- A UAE casino license could unlock a gateway for Wynn to tap into a 10 million-strong audience aligned with its luxury portfolio: analyst.
- The Macau Jockey Club saw authorities in the SAR approve its ’23/’24 season, following speculation over its possible closure.
- Amidst the ongoing recovery in global tourism, Trip.com Group’s CEO remains optimistic about the resurgence of Chinese outbound travel.
On the radar
- Chen Si promoted to President of Mohegan INSPIRE.
- MGM Resorts “cybersecurity” incident shuts down casino/hotel systems.
- Tabcorp to receive $53.4 mln tax refund after dispute with ATO resolved.
- Wynn Resorts stock deemed ‘too risky’ compared to alternatives: analyst.
- 2022 gaming sector contribution to Macau’s economy down by more than half.
AGB Intelligence
UAE
Wynn leveraging high-end luxury to unlock Emirates gateway
Wynn’s push for a casino in the United Arab Emirates (UAE) is opening a gateway for companies to tap into high net-worth individuals, which the company is well-positioned to do given its luxury focus. Morningstar analyst Dan Wasiolek says that Wynn Al Marjan could generate revenues and EBITDA similar to Wynn Palace, in Macau. But once the door is open, competition could arise from other casino operators looking to set up in the Emirates.
Corporate Spotlight
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