Wynn: At least non-gaming? | 30 doubts for 2019

Wynn Palace on COTAI was inaugurated in August 2016 but currently the northern and southern parts of it remain underdeveloped.

What does the company plan to do with these spaces? 

“[We are about] to explore different opportunities […] especially technology,” said non-executive chairman of Wynn Macau, Allan Zeman, adding that new investments in COTAI would be “not so much in gaming but really about non-gaming.” 

A year and a half since these sentiments were expressed, however, have not been enough for the company to set a course. And time is increasingly scarce for Wynn to start and complete works before its concession expires. 

Recent times have not been favourable to Wynn, who lost chairman Steve Wynn due to his alleged involvement in a sexual harassment scandal, which led to Wynn Resorts, Ltd. selling 5.3 million shares to local gaming operator Galaxy Entertainment Group following the resignation of Mr. Wynn. 

In February, South China Morning Post (SCMP) reported that Macau gaming authorities were reviewing whether Wynn had engaged in sufficient diversification projects to meet the expectations outlined by the 2002 report, also quoted by the newspaper, describing the terms of the agreement signed by Wynn and the Macau Government to obtain the concession. 

According to SCMP, Macau expected more diversification (as Wynn did in Las Vegas) than what it has pursued in Macau. 

If Wynn wants to burnish its image, 2019 is the last frontier.