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Wynn Cotai and Encore Macau Updates

I doubt that I'm the only person who thinks that Steve Wynn should have his own podcast. Oh wait, he does... the Wynn Resorts Quarterly Earnings Call! In this quarters episode his Steve-ness admirably dropped a couple of crumbs about Wynn Resorts' evolutionary plans for Macau particularly Encore at Wynn Macau and the still hazy outline for Cotai.

Encore at Wynn Macau

Encore at Wynn Macau is currently scheduled to open in late December 2009, 1 year from the opening of Encore Suites at Wynn Las Vegas. The hotel will feature 400 suites and villas starting at a 1000 square foot footprint. Encore at Wynn Macau will also feature a very large dedicated spa, probably on the lower levels of the tower. As with everything, Wynn described Encore Macau as "the fanciest thing we've ever done." All of the design, decor, layouts, amenities and filigree were locked down prior to commencing construction, which looks to be at about the 5th floor.

Wynn Cotai

Wynn stated during the call that there was 'nothing to reveal' about the Cotai project, but talked about it anyway. Plans have been developing "very intensely" for Wynn Cotai, which Wynn described as having "iconic architecture" and being "a building of extraordinary appearance." We wonder... does this signal the end of the line for the chocolate curve?

That plans are progressing means that Wynn Cotai will not be affected by the 'no new casinos' edict from the Macau government. Wynn did speak at length about the potential for tighter regulation of junkets in the Macau market, but neither Wynn Resorts executives or analysts on the call discussed any status changes to the Cotai project.

The Wynn Design and Development team is tasked with mapping out the Cotai project concurrently with the repurposing of the Desert Inn Golf Course (two hotels, an integrated convention center, all of which surrounded by a Bellagio-styled lake).

The hot-potato of Wynn design concepts currently tossed between LV and Macau (Encore LV casino is "chambered" like the Macau casino, Encore Macau suites are inspired by Encore Vegas' design etc.,) will continue to evolve at Wynn Cotai. One of these features - blurring the lines between indoor and outdoor experience - will expand beyond the multiple glass walls planned for Encore Las Vegas. At Wynn Cotai, expansive exterior landscaping has been added to the equation, which will thematically unify and further fuse the interior and exterior into a singular experience..

Currently, Wynn Cotai will have between 1500-1800 suites. Early talk about Wynn Cotai revealed plans for multiple hotel towers, including a 'Taiwanese Guest House' concept which, knowing the political tensions between China and Taiwan, has probably been nixed.

The as yet unnamed Wynn Cotai project is tentatively scheduled to break ground shortly before Encore Macau opens in late 2009. No opening date has been forecast. While Encore Macau will be the fanciest thing Wynn Resorts has yet to produce, Steve Wynn upped the ante by stating that the Cotai property will be "the fanciest hotel in the world."

The big announcement for Wynn Cotai originally promised for December 2007 has turned into to a very slow trickle. However, the sound of the drips is very interesting indeed.

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Comments & Discussion:

Why is it do you think Wynn Macau can get away with paying the lowest commissions? As we know from LVS-MPEL, loyalty is not something junket operators are known for. Given the comparatively low commissions at Wynn, why do you think the junkets aren't moving to higher-commission casino operators?

I think it is perhaps because they have a better premium product, similar to the Crown. Any pictures or links of Wynn's premium product?

Wynn explains it in the call quite clearly. They offer the best customer experience, period. Crown Towers, Taipa is a gorgeous property, the staff is great, the rooms are great... but Wynn is a more fully functioning integrated resort. They've got the whole thing from soup to nuts - beautiful casino, high end dining, top notch shopping and truly unbelievable customer service.

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