Steve Wynn On Encore Macau & Wynn Cotai
Wynn Resorts released its quarterly earnings last week and with it came another fine episode of everyones favorite program - "The Steve Wynn Quarterly Radio Hour". Freshly back from the Wynn Macau Ltd. investor roadshow, Stevezi seemed to be quite hot for Macau, waxing poetic about Encore Macau (opening in April) and revealing a morsel or two about the status of Wynn Cotai.
Take it away Steverino...
Encore in Macau is completely budgeted and under control and we will finish it. We've opened some parts of it in the last few days. We will finish opening it in April. Everything is paid out of cash flow. We are completely confident of the cost of Encore and it's a little under our budget. And it is the most pretty and beautiful thing that we’ve ever built. It's 412 suites and villas. It has casino space, both general casino and VIP casino space. It was the first building that we had the luxury of building in Macau, where we could take advantage of our experience the past three years, what we have learned about our customers. And we took our time to do it until after we did learn about our clientele and the building was specifically designed to meet the - what we considered to be the real, real sensitivities of the people who come to Macau who spend the real money.
And so I say it's the prettiest thing we've ever done and that may be very nice for a design magazine. It certainly is another demonstration of the wonderful gifts that Roger Thomas has, our Chief of Design. But more importantly, in 100 cunning ways, it is a place that will ingratiate itself to the customers that matter most to us. It has two or three new restaurants and retail space and it has a spa that is completely unique, as far as I’m concerned, anywhere.
I'm sure Steve has seen more than 100 cunning stunts in his lifetime. *rimshot*. Seriously, Wynn Macau honcho Ian Coughlin mentioned during the call that the Encore expansion "couldn't come fast enough" and that the addition of more VIP room inventory and services will increase their mass market share as well as VIP.
When asked about Cotai, Mr. Wynn had this to say:
We are working on the project in Cotai and I said on the road show and I want to repeat it on this phone call -- that until we are finished and that we've made the changes and we are satisfied with the end project, we won't discuss it or show it, first of all because it's best not to show something until you feel they've finished the job of designing it and secondly, we’d like to give our competitors the least amount of time to learn about it.
So one can deduce that - officially - Wynn Cotai is nearing the completion of design phase and that details about the project will not be announced until after Encore Macau has opened, in due course. As some may recall, Steve Wynn promised a Wynn Cotai announcement at the tail end of 2007:
I'm buying 54 acres on the Cotai Strip. I won't reveal my plans for that yet. I'll make an announcement before Christmas.
Looks like we're gonna leave the lights up till at least June. Again.