Wynn Resorts contemplating use for Las Vegas Boulevard land

Wynn Resorts Ltd. has begun to “doodle” with its land bank across Las Vegas Boulevard from the existing Wynn Las Vegas and Encore Las Vegas resorts, company executives said Thursday in the company’s quarterly earnings call.

Wynn CEO Craig Billings referenced the possibility of developing the Las Vegas acreage, but also made it clear that the company’s top priority today is opening the doors of Wynn Al Marjan Island in the United Arab Emirates, now less than a year from completion.

“Across the street, we have started to doodle and think about what relationship that property might have to our existing assets and how we might be able to build probably at a lower all-in dollar cost than a freestanding integrated resort by leveraging its relationship to Wynn and Encore,” Billings said.

The company owns 38 acres on the west side of Las Vegas Boulevard, land that occasionally is used for special gatherings and festivals.

Billings said the public can expect to see the company begin selling hotel rooms at Wynn Al Marjan Island “soon,” anticipating a grand opening in September 2027.

When open, the resort will have 1,530 accommodations including 1,217 hotel rooms, 297 suites, two “Royal Apartments,” four townhomes and 10 marina estates over a 70-story building. It also will have a 225,000-square-foot casino, 129,166 square feet of retail space, 8,000 square feet of indoor convention space with a 28,352-square-foot column-free ballroom and 22 restaurants, lounges and bars.

In addition to the main casino, Wynn Al Marjan Island will have an additional casino on the 22nd floor, described as a “sky gaming casino.”

During the earnings call, Billings described the company struggling through headwinds during the quarter, reflected in the declines posted for the period ending Sept. 30.

For the quarter, Wynn reported net income of $17.3 million, 17 cents a share, on revenue of $1.689 billion. That compares with net income of $88.3 million, 85 cents a share, on revenue of $1.834 billion in the same quarter a year ago.

One other headwind the company believes it is averting: Billings said it appears that collective bargaining agreements have been reached with employees of Encore Boston Harbor and that a strike that lasted 63 days since Sept. 4 has come to an end. Billings said UNITE HERE union members began voting on the new contract Thursday.

Overall, Billings indicated he’s satisfied with how operations are going in Las Vegas, especially with the Las Vegas Formula One Grand Prix and all it brings to his resort just days away.

“From our perspective, Las Vegas is doing really well, and our pricing power remains very strong,” Billings said in response to an analyst’s question.

“The group and convention business, our longest leading indicator, as you know, also looks strong in 2027. 2027 is pacing ahead of where 2026 and 2025 stood at this point, and third, we’ve performed so strongly for so long that we have tough comps, and that’s not a comment on demand; it’s just a mathematical fact. So I don’t really think about it as the leisure customer needing to return or come back. We sit in a very unique position, and I feel great about where we are today, and I feel good about 2027.”

Wynn Resorts shares, traded on the Nasdaq exchange, fell $3.06, 3.7 percent, to $79.32 a share with analysts blaming the drop on the company missing revenue and earnings projections.

Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on X.