Wynn Resorts Ltd. announced a new $900 million to $950 million all-suite hotel tower at its Wynn Palace in Macau, a major expansion designed to capture unmet demand as the property consistently operates at near-full capacity.
"When you’re at 99-percent occupancy, you’re not making a speculative bet by adding rooms; you’re clearly capturing demand that already exists and that you’re currently turning away," Wynn Resorts CEO Craig Billings said on the company's first-quarter earnings call.
The expansion, branded "The Enclave at Wynn Palace," will add 432 suites, boosting the resort's total room count by 25 percent and its suite count by 50 percent. The project, which will have minimal food and beverage outlets and no new gaming facilities, is expected to begin construction in the second half of 2026 and take approximately two-and-a-half years to complete. JP Morgan estimates the expansion could lift property EBITDA at Wynn Palace by 10 to 20 percent.
The Macau investment comes as Wynn's $5.1 billion project in the United Arab Emirates, Wynn Al Marjan Island, faces a "modest delay" due to regional conflicts affecting shipping and logistics. While Billings affirmed the project is still targeting a 2027 opening, he noted challenges are manageable but could shift. In Las Vegas, the company is proceeding with a renovation of its Encore tower after a record-setting 2025, with first-quarter revenues at the property increasing 5.9 percent year-over-year.
The company's first-quarter adjusted property EBITDA of $296 million was in line with analyst expectations. The planned Macau expansion signals confidence in long-term growth for the region. Investors will be watching for a more specific timeline on the UAE project in the coming months.
This article is for informational purposes only and does not constitute investment advice.
