A little over eight months after announcing that it would be adding a further 1,371 rooms to its Wynn Palace Cotai venue and casino operator Wynn Resorts Limited has now reportedly unveiled a similar expansion plan for its nearby Wynn Macau facility.
According to a Wednesday report from the Bloomberg news service, the Las Vegas-headquartered firm stated that it intends to spend approximately $2 billion to bring a 650-room hotel tower to a site just to the south of the existing Macau Peninsula property before following this up at a later date with a similarly-sized structure for the opposite side.
Designed by famed American architect Robert Stern, the initial steel and glass structure has reportedly been dubbed the ‘Crystal Pavilion’ and is to join some $125 million in renovations to give Wynn Resorts Limited as much as a 20% return-on-investment rate by the time it opens in 2024.
When the entire project has been completed, Bloomberg reported that Wynn Macau will host an additional pair of hotels offering some 1,300 rooms alongside a theater, gardens, interactive sculptures, an art museum and a performance space. The project could moreover purportedly help to underscore the operator’s commitment to Macau as it endeavors to have its casino license extended beyond its current 2022 expiration.
GGRAsia used a subsequent report to detail that construction on the ‘Crystal Pavilion’ could begin as early as the autumn of 2021 with Wynn Resorts Limited moreover asserting that the entire facility could eventually welcome as many as ten million tourists every year.
Opened at a cost of $4.2 billion in August of 2006, Wynn Macau currently offers a little over 1,000 rooms alongside a salon, eight restaurants, two spas, retail space, a pool and a trio of entertainment experiences. As if all of this wasn’t enough, the property furthermore comes complete with a 273,000 sq ft casino featuring around 375 slots as well as about 500 gaming tables.
Wynn is expecting its aggregated revenues to grow by as much as 21% before the end of 2021 thanks to an associated 28% swell in earnings before interest, tax, depreciation and amortization. The operator purportedly furthermore proclaimed that its recently-opened Encore Boston Harbor facility could generate profits as high as $325 million by conclusion of 2022 off revenues surpassing $1.1 billion.