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Wynn Resorts announces US$20 billion Macau expansion plan
During an analyst and investor event, Wynn Resorts announced its expansion plan in Macau. Titled as “Crystal Pavilion”, the investment project encompasses a first phase worth of US$2 billion with the provision of 650 rooms. The project is scheduled to start in late 2021, and is expected to continue for 36 or more months. The second and cost of the second phase are yet to be determined.
Targeted adjusted property EBITDA ROIC of the project is expected to be 15-20%, with 7-10 million visitors expected annually.
In addition, the company invested a sum of US$125 million to renovate and upgrade approximately 400 hotel rooms and suites at the Encore Tower at Wynn Macau, which is expected to be completed in Q4 2019.