The Q2 Revenue Reports for Wynn Resorts Are Out

Wynn Resorts

Wynn Resorts has been one of the most successful gaming companies in the United States for many years. Unfortunately, this company continues to struggle from the lingering effects of the pandemic. Today, we’ll take a close look at the Q2 revenue reports for Wynn Resorts.

As many expected, these reports show a slight loss for Wynn. The company doesn’t seem overly-discouraged about the future, though.

Here’s what you need to know!

Las Vegas Casinos Brace for an Uncertain Fall

The US casino industry has been in an unusual position for the past year. Through most of 2020, all major US casinos were seeing massive drops in their monthly revenue figures. Things have been steadily improving in 2021, yet some worry this could be short-lived.

That is largely due to the spread of the new delta variant around the country. With this uptick in cases, health officials are recommending a new wave of restrictions. That is already the case over in the country’s gambling hub, Las Vegas.

Not long ago, city officials once again set a mask mandate in Las Vegas. All guests and employees now need to wear masks while on the casino floor. It’s not a major regulation and should not have a major impact on the city’s tourism rates.

US casino companies remain in uncharted waters, though. No one seems to know what will come about over the next few months. If more intense regulations are ordered in major casino hubs, it could end up taking a serious toll on the country’s gaming industry.

The casinos in Las Vegas are preparing for the possibility of a dull fall. Infection rates continue to climb and recommendations against travel may soon be announced. That is the worst-case scenario, of course, and there is always the chance that tourism rates continue to increase in Las Vegas as the year goes on.

We’re now beginning to hear how various casino companies performed in 2021’s second quarter. Here’s a quick look at Wynn Resorts’ revenue reports for this time period!

Breaking Down the Q2 Revenue Reports for Wynn Resorts

The United States is home to some of the most powerful gambling companies in the world. That includes Wynn Resorts, which owns and operates popular casino-resorts in places like Las Vegas and Macau. Like all other casino operators, Wynn Resorts experienced a major drop-off in gaming revenue throughout 2020.

It seems that not everything is going smoothly in 2021, either. This week, the quarter-two revenue resorts for Wynn Resorts officially came out. Some are a little surprised to see how exactly this company fared over the months of April, May, and June.

Overall, Wynn Resorts reported $990.1 million in operating revenue over 2021’s Q2. That represents a staggering increase from the $85.7 million earned over the same quarter in 2020. The company’s net loss came out to $131.4 million. Matt Maddox, CEO of Wynn Resorts, gave an optimistic take on these reports in an official statement this week.

“We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with adjusted property EBITDA at our US operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences,” he said. “While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments.”

When factoring in operating costs, Wynn Resorts saw a drop in revenue over 2021’s Q2. It’s still a major improvement from the second quarter of 2020. Hope is that the year’s third quarter ends up bringing considerably more revenue to the casino companies here.

All major US casino companies are working to boost their revenue figures. Here’s a look at some of the progress being made in various areas of the country.

Here’s What is Going on With Other US Casino Companies

Wynn Resorts is far from the only US casino operator dealing with issues right now. The entire gambling industry has been suffering over the past two years. Depending on how things play out over the next few months, this situation could get considerably better or worse.

All of the country’s gaming companies are now doing what they can to boost their revenue figures. Some are finding more success than others. The recent revenue reports for Wynn Resorts show this company is making improvements, yet still has room to grow.

Las Vegas Sands has been in the spotlight lately. As many know, the company’s founder Sheldon Adelson passed away last year at one of the worst points in the company’s history. News then broke that LVS was selling several of its biggest properties in the city of Las Vegas.

Lately, Las Vegas Sands has been working hard to break into Texas. Casino gambling is currently prohibited in the state of Texas. LVS is working to change this by lobbying with various gambling companies to finally allow casinos.

MGM Resorts is also staying busy. Earlier this week, news broke that this company was selling its Encore Boston Harbor venue to Vici Properties. MGM will continue to operate this venue, however, and is leasing it back to Vici.

Are you surprised to see the revenue reports for Wynn Resorts? How do you think this company will fare in 2021’s third-quarter? Let us know in the comments section below!

WynnBET Partners With Elite Casino Resorts For Sports Betting Market Access to Iowa

Wynn Resorts Las Vegas
Last Friday, WynnBET secured approval for the launch of the company’s betting app in Iowa, making it the latest state ready to host Wynn Resorts’ online gaming platform. The access was made possible via a partnership with Iowa-based Elite Casino Resorts.

Elite Casino Resorts owns and operates three premier destination casino resorts in the Hawkeye State including the Riverside Casino and Golf Resort which is located just outside of Iowa City.

WynnBET is operated by Wynn Interactive, a joint venture of casino operator Wynn Resorts and U.K. based BetBull. 71% of the partnership is owned by Wynn Resorts, which operates casinos in Las Vegas, Boston, and Macau. According to its third-quarter earnings conference call, Wynn Resorts has already invested $80M in Wynn Interactive.

Access to Seven States

WynnBET offers casino and sports betting apps which are designed to deliver the same quality of service and guest experience that Wynn Resorts is known for. With its entry in the Iowa market, WynnBETnow has market access to a total of seven states.

It is currently operational available in New Jersey and Colorado, and will soon open its doors to online players in Michigan. WynnBET has also secured access to the markets in Indiana, Nevada, and Massachusetts before recently adding Iowa to its list of markets. It has also submitted applications for online gambling licenses in Tennessee and Virginia.

Fast-Tracking Discussions

Aside from these markets, the gambling company is fast-tracking discussions in several dozen other larger jurisdictions which have yet to be announced. The current and prospective market access would enable WynnBET to reach an estimated two-thirds of the total online gambling community in the United States.

Sports Betting is currently legal in a total of 19 states plus Washington D.C. with another six more states expected to launch this year. Additional states have expressed their interest in the legalization of sports betting during their upcoming legislative sessions.

Most of Wynn Resorts’ Revenue is Coming From Las Vegas

Wynn Resorts Las Vegas

Wynn Resorts remains one of the biggest casino companies in the world. Unfortunately, this company has been seeing massive drops in revenue for almost all of 2020. New reports indicate the majority of Wynn Resorts’ revenue is coming from hotels in Las Vegas.

This is slightly surprising news to hear. Las Vegas has been facing major dips in tourism and gaming revenue this year. It still seems to be bringing in casino companies money, though.

Let’s take a look at the recent revenue reports for Wynn Resorts!

Tourism Rates in Las Vegas Are Beginning to Slow Down

The city of Las Vegas is known for its world-class casinos, incredible entertainment, and wild nightlife. Prior to 2020, this city was seeing tens of millions of tourists every year. Everything seemed to be going perfectly here.

This past March, the city was changed forever. In a move that previously seemed impossible, all of the casinos in Las Vegas were forced to shut down. The tourism industry came to a screeching halt, affecting a huge portion of the city’s workforce.

Tourism rates have begun to increase here over the past few months. These rates are still far lower than what was seen in 2019. A report in September claimed tourism was down by 55% when compared to last year.

Analysts now have a grim prediction for the winter months. Some feel that the rising cases of Covid-19 will end up severely cutting down on the city’s tourism industry. This is taking a toll on the casino-resorts here. Many have recently begun cutting down on their operating hours.

Park MGM and Encore Las Vegas have both seen their opening hours lessened. This is likely to take place with other casinos, as well. It’s an extremely difficult time for the companies that rely on tourism and gamblers.

New reports claim that Las Vegas is still playing a huge role in supporting major casino companies.

Las Vegas is Providing 50% of Wynn Resorts’ Revenue

No one can accurately say when things in Las Vegas will return to normal. Travel is decreasing around the country once again and less people are willing to visit major casino destinations. Most feel it will be months, if not years before a major uptick in tourism is seen here once again.

It’s clear that this city is still hugely important for major casino companies. This week, reports on Wynn Resorts’ revenue for the year’s third quarter finally came together. The company’s operating revenue from hotel-casinos in Las Vegas came to $187.6 million, down considerably from the $399.5 million earned in the same quarter in 2019.

“Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted,” an official company statement said. 

The reports show that the company’s operations in Las Vegas are proving about 50% of all revenue. With hotels in Macau still struggling, this city remains the most profitable destination for Wynn Resorts.

CEO Matt Maddox gave an optimistic statement about the city. He claims things are improving in different regions and expects the fourth-quarter earnings to improve. It will be interesting to see whether or not this statement ends up being true.

Overall, Wynn Resorts’ revenue earnings came to $370.45 million last quarter. It’s less than many analysts predicted, yet it remains more than some of the company’s competitors. Hope is that the casino industries in other states and countries will improve by mid-2021.

How Are Other Casino Companies Faring Right Now?

No one is surprised to see that Wynn Resorts has seen another drop in quarterly revenue earnings. This is a trend that all major casino companies are experiencing right now. Some companies are being hit harder than others.

Las Vegas Sands remains one of the world’s largest gaming companies. 2020 could be the year this company makes a major change, though. Reports recently surfaced that claim LVS is now interested in selling several of its biggest US properties.

Caesars Entertainment is taking a different approach. Instead of selling, this company has been focused on acquiring other gambling operators this year. Not long ago, Caesars purchased sports betting company William Hill for $3.7 billion.

Red Rock Resorts has been suffering considerably with the regulations and drop in tourism. Most of the company’s casinos are now open again. Unfortunately, several are expected to be closed permanently.

It’s an unprecedented time for the US casino industry. It’s not unreasonable to assume things will never truly return to normal for casino companies. We’ll continue offering revenue updates over the next few months!

Are you surprised to see Wynn Resorts’ revenue earnings fall? Do you expect things to improve in 2020’s fourth quarter? Let us know in the comments section below!

Officials Announce New Hours at Encore Boston Harbor

Encore Boston Harbor Casino

Massachusetts’ casino industry has been struggling to get back on track since March. The state’s biggest casinos are still seeing low revenue figures. There’s also been a spike in Covid-19 cases here recently. As a result, casino officials have just announced new hours at Encore Boston Harbor.

This Wynn Resorts-owned property is one of the biggest gambling venues on the East Coast. Changing the opening hours here is a big move. Today, we’ll take a look at what is changing with the casinos in MA.

Let’s get into it!

Massachusetts’ Casino Industry Has Been Slow to Recover

Over the past decade, the Northeast region of the United States has developed a large and successful gambling industry. As most know, Atlantic City in New Jersey was the first true gaming destination to appear in this region. As time went on, New York, Pennsylvania, and Pennsylvania began expanding their gambling industries, too.

Massachusetts was fairly late to the party. It wasn’t until a few years ago that major commercial casinos began operating here. The first was MGM Springfield. About a year later, Encore Boston Harbor opened its doors.

The latter proved to be the more successful casino of the two. Encore Boston Harbor immediately began attracting a huge number of players from MGM Springfield. Despite its somewhat unusual location in Everett, this venue has proven to be a major success.

Of course, 2020 halted the progress being made by these casinos. In March, all of these venues were forced to shut down. It wasn’t until July that the state’s commercial casinos were given permission to reopen to the public.

Things have been slow to recover. In September, for example, Encore Boston Harbor brought in just under $43 million. That’s a major drop from the $49 million earned in September of 2019. These drops are expected to continue for at least the rest of 2020.

To make things worse, the casinos in this state are now being forced to change their opening times. This will make things even more difficult for the industry.

Here’s a Look at the New Hours at Encore Boston Harbor

Massachusetts isn’t the only state with a struggling gambling industry. Every state has seen casino issues come up this year. It’s a major problem for casino companies and no one seems to know when things will begin returning to normal.

Massachusetts has been seeing a steady increase of Covid-19 cases recently. As a result, the state government has recently begun announcing new regulations. That includes limiting the operating hours inside major casino-resorts.

We’re now receiving updates on the new hours at Encore Boston Harbor. Beginning on Friday, this property has announced it will be forced to close its doors between 9:30 PM and 5 AM. It’s almost guaranteed to lower this venue’s revenue figures even more.

Interestingly, this property has also announced it will close its hotel until further notice. It makes sense when considering the casino’s new operating hours. A spokesperson for the company released a statement on this situation to the media this week.

“Encore Boston Harbor supports and will adhere to the additional directives put forth by the Commonwealth aimed to reduce the ongoing risk to public health,” the statement said. “As a result, we are analyzing the impacts of the directives on our resort operations and will adjust accordingly to be in compliance.”

We’ll need to wait and see how this affects this property. Hopefully, the Wynn Resorts venue is able to remain profitable during these difficult times.

Major US Casino Companies Are Struggling

This recent announcement will take a toll on Wynn Resorts. Prior to the shutdowns in March, the Encore Boston Harbor was one of the biggest revenue generators for this company. This will take another toll on an already-struggling business.

Wynn Resorts is far from the only company to see losses this year. Many are now looking at what’s happening with Las Vegas Sands. This Sheldon Adelson-run casino company recently announced it was interested in selling its biggest venues.

It seems that LVS is ready for a change. Sheldon Adelson seems ready to retire. It’s reasonable to assume that the events unfolding this year initiated this decision. We may see more decisions like this one made over the next few months.

There’s never been a situation like this one. Not long ago, officials within the American Gaming Association began asking for more aid from the federal government. These officials believe the future of the country’s casino industry is at stake.

The new hours at Encore Boston Harbor will remain in place until further notice. We’ll be sure to offer updates if things change here.

Are you surprised to see these new regulations set in place in Massachusetts? Let us know in the comments section below!

Encore Las Vegas is Now Closing for Three Days a Week

Encore Las Vegas

Most of the major casino-resorts are up and running again. Unfortunately, tourism rates in the city remain far lower than usual. This is taking a serious toll on casino companies here. This week, news broke that the Encore Las Vegas is now closing for three days a week moving forward.

It’s an interesting development, and one that shows how difficult things are in this city right now. Today, we’re going to look at exactly why Wynn Resorts is making this decision. We’ll also talk about when the situation in Las Vegas will improve.

Let’s get into it!

Las Vegas is Taking Longer to Recover than Many Predicted

When the casinos shut down in Las Vegas this past March, no one knew how long they would remain closed. It was an unprecedented situation for the world’s biggest gambling destination. The city’s casinos were never closed down for such an extended period of time.

Obviously, casino companies here wanted answers on how long these regulations would remain in place. Officials within these companies began working with state leaders to formulate reopening plans. Finally, in June, Governor Sisolak started allowing the state’s casinos to reopen.

Things haven’t immediately bounced back here. Instead, Las Vegas has seen a slow, gradual recovery. Tourism rates appear to be increasing here and casino revenue has risen with each passing month.

This city is still hurting, though. Both tourism and gaming revenue remain far lower this year than what was seen in 2019. It’s costing casinos a massive amount of money and some of the smaller ones in the city will likely close down permanently.

Each casino is taking its own approach to this situation. The goal for these properties seems to be attracting in new players. Obviously, this is proving to be difficult with the way things are going right now.

It now appears that Wynn Resorts has found a new way to save money.

Encore Las Vegas Announces New Opening Days and Times

Historically speaking, Las Vegas is known as a city that doesn’t sleep. Hotels, casinos, and bars are known for being open 24 hours a day. Part of this non-stop image has helped Las Vegas become one of the most popular tourist destinations in the world.

This is beginning to change, though. Many hotel-casinos have seen their visitation rates plummet this year. As a result, some of them have been forced to adjust their opening dates and times to save money. There’s no point in keeping things open when no one is around!

That’s exactly the approach that Encore Las Vegas is now taking. This week, Wynn Resorts announced that this popular casino-resort will only be open Thursday through Sunday beginning on October 19th. The venue will close its doors on Monday at noon and reopen at 2 pm on Thursdays.

It’s an interesting, yet somewhat unexpected move for this casino company. These new operating hours are set in place indefinitely “until consumer demand for Las Vegas increases.” Some analysts predict that tourism rates will actually decrease even further around winter.

Fans of the Encore Las Vegas will now need to adjust their reservations accordingly. The Wynn Las Vegas, however, will keep its normal operating schedule. The poker room inside the Encore will be moved to Wynn Las Vegas until further notice.

Hope is that this popular casino-resort will get back to its normal operational schedule before long. We’ll continue offering updates over the next few weeks!

Where is Wynn Resorts’ Stock Price Moving Right Now?

Over the past seven years, we’ve seen casino stock prices fluctuate massively. When the casino industry shut down, these prices plummeted. As these casinos reopened, stock prices have gradually increased.

Of course, there have been a huge number of fluctuations in these stock prices. Some companies seem to be faring better than others. Several massive deals have also been completed this year that affected stock prices.

Not long ago, a prominent fund manager spoke about the future of Wynn Resorts’ stock. He believes that the company’s share prices can double within the next year. Much of that is due to the company’s operations in Macau.

Prior to 2020, Wynn Resorts was earning nearly 70% of its revenue from Macau. Unfortunately, the Chinese territory has been struggling immensely this year. Travel restrictions to Macau were recently lifted, however, and many now believe the casinos here will see a surge in tourism and revenue.

It will be interesting to see if this prediction ends up being correct. Wynn Resorts is one of several major US casino companies hoping to see a massive increase in revenue from Macau.

Are you surprised to see the Encore Las Vegas close for three days a week? When do you expect things to return to normal in Las Vegas? Let us know in the comments section below!

Here’s Why Macau Casino Share Prices Are Surging

Macau remains one of the world’s top casino destinations. For months, however, tourism into the city has been sparse and gambling revenue is dropping. Interestingly, Macau’s casino share prices have begun to increase this week. Today, we’re going to look at why this is.Wynn Resorts In Macau

Casino companies have to be pleased with this development. Many have been hurting badly through 2020. Some feel that Macau may end up being a source of valuable revenue for these companies heading into 2021.

Let’s look at what’s going on here!

US Casino Companies Continue to Release Revenue Reports

Casinos around the world are still being heavily affected by the global pandemic. The US remains the hardest-hit country from this new virus and casinos here are struggling to bring in players. It’s unclear when this trend may begin to change.

In recent weeks, some of the country’s biggest casino companies have begun releasing their second-quarter revenue reports. Things are about as bleak as most analysts predicted. All of these companies saw massive drops in revenue when compared to the same quarter in 2019.

Las Vegas Sands experienced a massive 97% drop in revenue in 2020’s Q2. Over these three months, the company managed to bring in just $98 million. That represents the worst quarter in the company’s history.

Wynn Resorts also offered some insight into its second-quarter earnings. This massive casino operator saw a 95% drop in revenue. Company officials are confident thing will look significantly better through July, August, and September.

It’s been a tough year for the land-based gambling industry. Many casinos have already been forced to permanently shut down. More are likely to do so over the next six months.

More focus is beginning to shift towards Macau, where rates of tourism may be about to increase.

Macau Casino Share Prices Have Begun to Increase

As we already mentioned, tourism into Macau has been almost non-existent for months. Much of that was due to the travel restrictions that mainland china set on this territory. In the past, visitors to Macau were forced to quarantine for two weeks after returning to the mainland.

Officials in Macau have been complaining about these regulations. Many felt they made it impossible for the tourism industry here to thrive. It now appears that the government in Mainland China agrees.

Authorities in the Hong Kong and Macau tourism offices have confirmed that visitors to these cities will no longer need to quarantine after returning to the mainland. Visitors will, however, need to obtain a negative Covid-19 test and a green health code in order to return home.

It seems likely that this will help to increase tourism to Macau. As a result, many Macau casino share prices have begun to increase. Melco Resorts & Entertainment saw an increase of 5.41%. Las Vegas Sands saw a 4.07% increase. Wynn Resorts’ share prices increase by 4.14%. Lastly, MGM Resorts International saw an increase of 1.42%.

It’s great news for these companies. It may be more than a year before casinos in the US see their revenue earnings return to normal. Hope is that Macau manages to make up for some of the revenue losses experienced in the United States.

What else can US casinos do to increase their earnings?

Online Gambling is Growing More Popular in the US

Many gambling fans have been disappointed to see their local casinos either closed or with significant restrictions set in place. As we mentioned earlier, many of these venues may be forced to permanently close down. The popularity of online gambling is now growing as a result.

Many love the convenience that these sites offer. It can also be exciting to see how many different gambling options these websites provide.

Sports betting is more popular now than ever before. More than 20 states have passed laws to legalize and regulate this industry. Many more are likely to do so over the next couple of months.

The surge in online gambling is likely to continue for some time. As more states earn money from their internet gambling industries, more states are likely to begin looking into its regulation, as well. Hopefully, the land-based casino industry begins to recover soon, as well.

We’ll need to wait and see how Macau casino share prices change as the weeks go on. It will be interesting to see how quickly tourism rates jump here with China’s travel restrictions now lifted. Make sure to stay tuned for updates.

Do you plan on visiting Macau anytime soon? Let us know in the comments section below!

Here’s How Much Revenue Wynn Resorts Made in 2020’s Q2

Officials within Wynn Resorts are busy working to come up with new ways to safely attract guests to their major casino-resorts. This week, the company found some time to look back at the year’s second-quarter revenue earnings, and things are about as bleak as most would predict. Today, we’re going to take a look at how much revenue Wynn Resorts managed to bring in during the months of April, May, and June.Wynn Resorts Logo

Wynn Resorts is far from being the only casino company to see its earnings drop. The year’s second quarter was the worst recorded in history for the US gambling industry. Fortunately, things seem to be slowly improving.

Let’s take a look at the numbers!

US Casino Companies Continue to Struggle Enforcing Health Regulations

Most states around the country have begun allowing their casinos to start operating again. Some of these states have been more successful than others. All of the casino companies around the United States face the same issue; protecting public health while trying to draw in players.

This is proving to be extremely difficult. Casinos draw in large numbers of people into a very small area. Obviously, these properties are easy places for the new coronavirus to spread. That’s true even with the safety measures being set in place.

All land-based casinos are trying to prevent gatherings. Slot machines are separated. Plexiglass barriers have been installed at table games. In many cases, eating, drinking, and smoking are completely banned inside casinos, as well.

Not every company is finding success implementing these new measures. Recently, the Nevada Gaming Control Board filed a complaint against the Sahara Las Vegas. The regulatory group claims this hotel-casino held a luncheon of more than 100 people and failed to limit large gatherings on its casino floor.

More of these complaints are likely to come up over the next few weeks. Casino companies are struggling to abide by the rules while staying profitable. It’s been difficult to see how much money some of the country’s top casinos have lost over the past six months.

This week, reports surfaced that show how much money Wynn Resorts has lost this year.

Reports Show How Much Revenue Wynn Resorts Lost Last Quarter

Starting in June, most of the top US commercial casinos began operating again. It was a much-needed change for the industry. Casinos around the country had been closed since March and revenue during this time was almost non-existent.

Not long ago, Las Vegas Sands released a report that shows it saw a nearly 97% drop in revenue during 2020’s second quarter. Officials within the company made it clear that they were hurting. The company’s revenue earnings have likely begun to increase since that time.

We’re now seeing a drop in the revenue Wynn Resorts earned during the year’s second quarter. This company is one of the biggest casino operators in the nation, yet it saw its revenue drop by 95% over the months of April, May, and June.

During this time, Wynn Resorts earned just $85.7 million. That’s a staggering drop from the $1.66 billion made over the same three months in 2019. CEO Matt Maddox claims the company is in a tough situation, yet it’s one that it will recover from.

“There will be winners and losers that come out of this,” he said. “When this is over, and we come out, we want to make sure that we have the capital available to grow, and we have the culture in place to take care of our people and our customers.”

It’s incredible to see how much revenue Wynn Resorts has lost over the course of a few months. It’s important to note, however, that the company’s casinos were shut down for most of 2020’s second quarter.

How will things look in quarter three?

Casino Revenue is Fluctuating Around the Country

Back in 2019, the US casino industry seemed stronger than ever before. Gambling markets around the country were thriving. That’s particularly true in states with legalized sports betting options such as New Jersey and Nevada.

2020 tells a different story. Most casinos are now open, yet many are unwilling to visit one of these gambling venues over safety concerns. Casino revenue is now fluctuating and even the top gaming analysts cannot say when we’ll see a sense of normalcy resume.

Everyone knows that 2020’s third quarter will be better than its second, though. Over the past two months, states have begun lifting their restrictions towards casinos.

In June, Nevada saw its casinos earn $566.8 million. That’s a 45.5% decrease when compared to the same time last year. Many still feel that it’s a win for the state, especially considering how little money was earned in the months prior.

It seems likely that more money was earned in July. We’re likely to see how much revenue Wynn Resorts made within the next two weeks. Stay tuned for updates!

Are you surprised to see how much money casino companies lost last quarter? When do you expect this trend to change? Let us know in the comments section below!

What’s Happening With Wynn Resorts in Japan Right Now?

US casino companies are doing everything they can to increase their revenue right now. As most already know, casinos are struggling to bring in players around the country. Many of these companies are now looking at overseas investment opportunities. Today, we’re going to look at what’s going on with Wynn Resorts in Japan.Wynn Resorts Company Logo

Wynn Resorts is one of the biggest casino operators in the world. Unfortunately, it’s been having a difficult time finding success breaking into the newly-emerging Japanese casino market. Now is the perfect time to look at why this is.

Let’s get into it!

Japan’s Casino Plans Continue to Face Delays

For decades, Japan’s government banned virtually all forms of traditional gambling. Despite the clear demand, lawmakers here pushed against the regulation of this industry. Many felt it would end up leading to an increase in crime and gambling addiction.

As time went on, the revenue potential from this industry became too large to ignore. Government officials began looking at how to safely allow major gambling venues to begin operating. In mid-2019, news broke that Japan officially approved a bill to legalize casino-resorts in three different cities.

It was extremely surprising for casino operators around the world. Many of the top US casino officials immediately began looking at ways to break into this country. It didn’t take long for them to realize opening a casino here will be a lengthy process.

Japan’s leaders wanted to ensure that these casinos are opened in the safest way possible. Different cities around the country needed to bid for the rights to host one of these new integrated resorts. Hope was that casino licenses would be awarded by the summer of 2020.

That timetable has since been pushed back. The global pandemic has made this entire process significantly more difficult. Several casino companies have abandoned their plans to break into this country altogether.

We’re now starting to hear more about Wynn Resorts’ plans to enter the Japanese casino market.

Here’s What’s Happening With Wynn Resorts in Japan

As we just mentioned, many of the world’s biggest casino companies have been working hard to gain a casino license in Japan. It’s been two years since casinos were legalized here, yet no licenses have been awarded. This is becoming incredibly frustrating for the companies hoping to operate in the country.

Wynn Resorts was one of the first companies to push for a Japanese casino license. Unfortunately, it’s looking as if the Las Vegas-based casino company may be close to putting its plans to the side. New reports claim Wynn Resorts has just closed down its Yokohama office due to the delay in being awarded a casino license.

The company released an official statement to the media this week about the situation.

“The pandemic is having an unprecedented negative impact on integrated resort development, and resort companies such as Wynn are considering how we evolve our operations to align with a post-pandemic market,” the statement said. “Long-term, we remain interested in the Japan integrated resort market and will monitor the situation closely.”

The prospect of Wynn Resorts in Japan isn’t completely dead. For now, officials within this company simply want to step back and watch how things unfold. They may choose to focus more on improving revenue figures from their US gambling venues.

Las Vegas Sands and Caesars Entertainment have both pulled out of the race to obtain a casino license in Japan. Unless things begin to change soon, Wynn may do the same.

How are things looking over in Macau?

US Casino Revenue is Recovering Faster Than Macau’s

Nearly all US casinos were completely shut down this past March. It took months for many states to begin allowing their casinos to start operating again. Some have still not allowed casinos to reopen.

Most of the country’s biggest gambling destinations are now up and running again. All of the major casino-resorts on the Las Vegas Strip are accepting guests again. Unfortunately, revenue here is still significantly lower than it was a year ago.

Many felt that US casino companies would begin relying on their properties in Macau for revenue. This Chinese territory opened its casinos many months ago, yet revenue is still extraordinarily low here. It doesn’t appear this small city will be the saving grace many expected it to be.

It’s an incredibly unusual time for the land-based casino industry. Some fear that states will eventually be forced to shut down their gambling venues once again. That seems highly unlikely to happen in major gaming areas like Nevada.

We may see Wynn Resorts in Japan sometime soon. Like all other companies, it seems content to wait and see how things unfold before it commits to opening a casino in this country.

Do you think Wynn Resorts will ever open a casino in Japan? Let us know in the comments section below!

The Encore Boston Harbor Will Reopen on July 12th!

Lawmakers in Massachusetts are currently working to reopen the state’s economy. It’s been a tough year for the casinos here, all of which have been closed down since March. According to new reports, the Encore Boston Harbor will officially reopen to the public on July 12th.Encore Boston Harbor Hotel-Casino

Many casinos are now opening across the country. Some fear that these venues may soon be forced to close down again as Covid-19 infection rates continue to increase. As of now, however, Massachusetts seems determined to get this industry back on track.

Let’s look at what’s being planned at the Encore Boston Harbor!

Casinos Around the US Have Begun to Reopen

In March of this year, every state around the country began shutting down in one way or another. Some states took drastic measures and began ordering residents to remain inside their homes. Others had much more lenient regulations and instead focused on keeping the state economy running.

We’re now in July, and states are still trying to balance the economy and public safety. Every state has begun to reopen. It should come as no surprise that some are doing so much quicker than others.

Casinos have started to reopen in many different states around the country. In states like Mississippi, lawmakers have allowed the commercial gambling venues to open back up. Other states, such as California, have seen their tribal casino industry reopen without the specific approval of Governor Newsom.

Unfortunately, rates of Covid-19 have started to increase around the United States at an unprecedented pace. Most states have slowed their reopening process. Some analysts now believe that casinos may eventually be forced to close down once again.

It’s an incredibly difficult situation. States are still looking at ways to reopen businesses without putting the public in danger. Over in Massachusetts, one major casino-resort is preparing to reopen to the public.

Encore Boston Harbor Plans to Start Accepting Guests Again on July 12th

Massachusetts has a very new land-based casino industry. It wasn’t long ago that lawmakers here decided to officially legalize these gambling venues. Today, three casinos are operating in this state.

The biggest and arguably best is the Encore Boston Harbor, owned by Wynn Resorts. This venue was opened in June of 2019. It didn’t take long for the Encore to become the most popular casino in the state.

Governor Charlie Baker recently announced that Massachusetts is entering into Phase 3 of reopening on Monday. Just hours after this announcement, the Encore Boston Harbor announced that it was reopening to the public on July 12th. The casino released a statement claiming they want to make things as safe as possible.

“Every effort has been made to preserve Encore’s luxury experience and provide guests with the peace of mind needed to enjoy a fun and relaxing return,” the statement said. 

When the Encore Boston Harbor opens, only slots and blackjack will be available to players. Plexiglass barriers will be set on these blackjack tables. Other games such as poker and craps will become available sometime later this summer.

Gambling fans here are extremely excited to see this venue open back up. We’ll need to wait and see how many people begin visiting this venue after July 12th.

How is the US Casino Industry Faring Right Now?

2020 has been the toughest year in history for the land-based casino industry. For months, these venues were shut down. Many have reopened, yet the amount of revenue these venues are earning is significantly lower than it was just a few years ago.

Strict social distancing measures are still in place inside these venues. They are also operating at limited capacity. It’s not entirely clear when these casinos will be given permission to function normally again.

As we mentioned earlier, rates of Covid-19 have been steadily increasing for weeks. Some states are being hit much harder than others. There are still fears that casinos around the state will be forced to shut down. That’s already happened in Arizona.

Las Vegas remains the world’s biggest gambling hub. Casinos here have been open for more than a month, yet tourism remains low. Hope is that some of the new, recently-opened venues here will help to attract new visitors.

The Encore Boston Harbor will officially open back up on July 12th. Gambling fans in Massachusetts are already getting excited. We’ll report on the revenue earned here over the next few weeks!

Are you excited to see the US land-based casino industry start to reopen? Let us know in the comments section below!

Two Casinos Want in on Boring Company’s Tube System

Las Vegas Convention CenterElon Musk’s innovative Boring Company is developing an underground “people mover” loop system in Las Vegas that’s set to be finished by next January. It will be used to move more than 4,000 people through the tunnels, allowing them to go from venue to venue in a fraction of the walking or driving time.

The idea behind it was to relieve congested convention traffic and provide Las Vegas visitors with a more convenient way to travel between the Convention Center and different resorts.

The $52.5 million-project recently completed its first phase in May, which involved digging a second tunnel underneath the Las Vegas Convention Center, the hub of where the system will live. The first tunnel was dug in February.

The next phase of the first-of-its-kind project will involve completing the above-ground passenger stations on both sides of the tunnel. The loop system is formerly being called the “Convention Center Loop,” and hopes to break ground in time for next year’s Consumer Electronics Show (CES).

It will be Boring Company’s first commercial transportation project. A variety of Tesla vehicles will move people through the tunnels in a matter of minutes, versus them making a cross-campus walk that would take around 15 minutes.

The Loop is mainly meant to serve convention-goers and be a benefit for trade shows, rather than stand as a public transportation system, and it will be a free service.

Wynn Resorts and Resorts World Want in On the Loop System

Both Wynn Resorts and Resorts World, which is still under development, are seeking county approval to get linked up to the Convention Center Loop.

Wynn Resorts and Encore are the closest resorts to the Convention Center, so getting approval to get connected to the station would be ideal. If approved, travelers could get from the Convention Center to Wynn Resorts and Resorts World in just a couple of minutes.

According to Scott Sibella, president of Resorts World Las Vegas, getting linked would remove Convention guests’ worries or making the long walk back to their resort or getting stuck in gridlock traffic.

The transportation system would allow them to easily leave the Convention Center for lunch, meetings, appointments, or sightseeing, and get them back quickly. It’s a win-win on both ends.

Loop Could Possibly Even Link to Allegiant Stadium Next Year, Too

Allegiant Stadium, which is set to be completed by the end of July 2020, could also possibly link to the Loop next year.

According to Steve Hill, Las Vegas Convention and Visitors Authority CEO, the Convention Center and the $2 billion-dollar stadium could be linked as early as the start of the 2021 NFL season.

This would make a be a convenient solution for stadium-goers to make it to and from the stadium, since the stadium is located on the very south end of the Strip, past Mandalay Bay.

There is no estimate on how much it would cost to link the two properties, but passengers riding between these two locations would be charged a fee.