Wynn Palace Casino To Open in Macau on 22nd AugustAugust 19, 2016 2:00 pm
Steve Wynn has completed one of his most ambitious projects to date, the $4.2 billion Wynn Palace in Macau, with the venue’s opening date set for 8 p.m on Monday, August 22.
Significant challenges lie ahead for the business, though, as when the casino magnate initially started the project in 2011, business was booming in China’s only legal casino resort. Since then, however, Macau’s casino market has lost 36% of its revenues following the anti-corruption crackdown spearheaded by Chinese President Xi Jinping in 2014. This has played havoc with Macau’s casino revenues as high-rollers have shied away from ostentatious displays of wealth, and commenting on the gambling markets immediate future, Wynn explained:
“The last two places that opened did not cause the market to grow, did they? No. Will this one? Good question. We’ll get an answer to that in September or October. I’m anxious to see it myself.”
As well as offering gambling options, including 400 gaming tables, the 1,700-room Wynn Palace has also concentrated on providing a range of high-end features to woo visitors. This includes a gondola ride, a synchronized water fountain show, a miniature Eiffel Tower, as well restaurants, a spa, and around 200 million dollars worth of Chinese art displayed around the property.
Following in the footsteps of Las Vegas, Macau’s government is now insisting that the island’s casinos move away from being purely gambling destinations, and should also offer greater levels of entertainments, and mass market appeal. As Union Gaming analyst Govertsen explains:
“For it to become the premier place, it can’t just be gambling. It has to take a page out of the Vegas playbook. They have to find some things that people really love to make it the entertainment capital of Asia.”
In the meantime, gambling still continues to represent the biggest proportion of Macau’s casino industry’s revenues, with one estimate by MGM Chief Executive Officer James Murren placing it at around 80% of profits.