Wynn Las Vegas slot revenue jumps; room renovations planned

A view of the Encore and Wynn on the Las Vegas Strip Wednesday, April 22, 2020.

Wynn Las Vegas had its most lucrative slot revenue month ever in April, according to the company’s CEO.

Matt Maddox, during a quarterly earnings conference call Monday afternoon, said Wynn Las Vegas — which includes the casino and resort operations housed in its Wynn and Encore complexes on the Strip — collected $25 million in slot revenue last month.

To compare, in the three months before April, the win totaled $50 million.

Maddox said the development is a great sign for the rest of the year on the Strip, as the resort corridor rebounds from pandemic closures.

Going forward, Maddox said hotel occupancy rates for weekend dates at both hotels are in the 90% range.

He said the company, just a few weeks into the second quarter of 2021, has already exceeded its Las Vegas EBITDA (earnings before interest, taxes, depreciation and amortization) figure for the first quarter. The first quarter number was just over $28 million.

“As more restrictions are lifted, and we’re able to really roll out our entertainment and our nightclubs, we think Las Vegas’ opportunity is really unique. We think the best times are ahead,” Maddox said.

On May 3, Wynn revealed it had been allowed by the Nevada Gaming Control Board to move to 100% capacity at its Strip resorts after nearly 90% of its workforce had been vaccinated against the virus.

In Las Vegas, operating revenues during the first three months of 2021 — just under $179 million — were down 45% from the same quarter in 2020. 

Vegas room renovations

Rooms in both of the company’s hotel towers will be renovated this year in a $200 million project, said Marilyn Spiegel, president of Wynn Las Vegas.

“We have so much to look forward to in 2022, we want to be totally prepared for that,” Spiegel said.

Work is expected to start in July, Spiegel said, and will likely be finished before the end of the year. Wynn operates more than 4,700 hotel rooms at its two Strip resorts.

Wynn partners with Foley on new spinoff

Wynn announced Monday intentions to create a publicly traded company that would house its Wynn BET mobile sports app.

The agreement would combine the company’s Wynn Interactive Ltd. subsidiary, its online gaming branch, with Austerlitz Acquisition Corp., a blank check company backed by Vegas Golden Knights owner Bill Foley.

The new company, which will retain the Wynn Interactive name, will have its shares traded on Nasdaq.

Officials plan to bolster Wynn’s online sports betting and iGaming presence with the move.