Wynn Macau Ltd has unveiled plans for a major hotel expansion at Wynn Palace in Cotai, announcing a new luxury tower that will add 432 all-suite rooms to the company’s flagship Macau resort.

The project, called The Enclave at Wynn Palace, will be built next to the east entrance of Wynn Palace and connected directly to the existing resort. Wynn Resorts expects construction to begin later this year, with the development scheduled to take about two-and-a-half years to complete.

The company estimates the project will cost between $900 million and $950 million, including capitalized interest. Wynn said the expansion will increase the total room inventory at Wynn Palace by roughly 25% while lifting its suite count by 50%.

The announcement came alongside Wynn Resorts’ first-quarter 2026 earnings call, which showed strong performance from its Macau operations as demand in Cotai continued to grow.

Wynn Cites Strong Occupancy Levels

Wynn Resorts CEO Craig Billings said occupancy trends at the company’s Macau properties supported the decision to proceed with the project.

“When you’re at 99% occupancy, you’re not making a speculative bet by adding rooms,” he said during the group’s earnings call. “You’re clearly capturing demand that already exists and that you’re currently turning away. So, adding 25% more total room capacity and increasing the suite product by 50% in a market that’s heavily driven by the premium segment just makes sense for us.”

Wynn Palace recorded hotel occupancy of 99.1% during the first quarter of 2026, while Wynn Macau on the peninsula reached 99.7% occupancy during the same period.

Billings also pointed to Cotai’s role in driving tourism to Macau. “With Cotai continuing to be the primary driver of high-quality visitation in Macau and with Wynn Palace regularly nearing 100% occupancy, I’m pleased to announce a significant new investment at the property. The Enclave at Wynn Palace, a 432 all-suite hotel, will sit directly adjacent to and connect into the east entrance of Wynn Palace.”

He also discussed the architectural direction of the project, stating: “The design is distinctly Wynn, an evolution of the design language that has defined our resorts from the beginning.”

Expansion Focuses on Premium Market

Macau’s gaming operators have increasingly concentrated on the premium mass market segment as competition for visitors and gaming revenue intensifies across the region.

Wynn said The Enclave would target that segment by expanding its suite offerings without significantly increasing non-gaming operational costs. According to Billings, the tower will contain limited additional amenities because guests will use facilities already available at Wynn Palace.

“You don’t have a lot of non-EBITDA generating amenities that come with the tower,” he explained. “It does not have a gaming element. It has very, very modest food and beverage because it’s directly attached to the existing Wynn Palace facility, and so flow-throughs should be pretty high. So to us, it felt like a real no-brainer.”

The company projects the new hotel could generate about $400 million in annual revenue, assuming average room rates of roughly $2,500. Wynn forecast Adjusted EBITDA from the project between $150 million and $175 million annually.

The company added that 2026 spending tied to The Enclave would mainly cover piling work and early-stage development activity while it awaits final government approvals expected in the near term.

Macau Operations Deliver Revenue Growth

Wynn Resorts announced the expansion as its Macau business posted stronger financial results during the first quarter of 2026.

Operating revenue at Wynn Palace climbed 23% year over year to $659.3 million, compared with $535.9 million during the same quarter a year earlier. Adjusted Property EBITDAR at the resort increased 25.9% to $203.8 million.

Across Wynn’s Macau operations, operating income reached $145.3 million during the three months ended March 31, up from $127.1 million in the prior-year period. Adjusted Property EBITDAR across the Macau portfolio rose to $279.4 million from $252.1 million.

Wynn also outlined broader capital spending plans connected to its Macau properties. The company expects total capital expenditures tied to The Enclave and other upgrades to range between $400 million and $450 million during 2026. That figure is projected to rise to between $700 million and $750 million in 2027.

Separately, maintenance capital expenditures across Wynn’s Macau operations are expected to total between $70 million and $80 million during 2026.

The Enclave is expected to open in early 2029 if construction remains on schedule.