International casino developer Wynn Resorts Ltd says the company’s current focus is on developing the Wynn Al Marjan Island casino resort in Ras Al Khaimah, in the United Arab Emirates. But the firm wants to be ready to take part in a bidding process in case Thailand legalises casinos in large entertainment complexes, stated the group’s chief executive, Craig Billings (pictured in a file photo).
“We are active in Thailand, though it’s its early days,” stated Mr Billings on an earnings call following the announcement of the company’s fourth-quarter results on Thursday.
“There are opportunities that come along that are unique, so if Thailand does move ahead, for example, you want to make sure that you’re in a position to participate,” he added.
Mr Billings said the company had not yet decided the structure regarding a potential investment in Thailand. “But I can tell you it would happen out of a subsidiary of Wynn Resorts Ltd, the U.S. listed entity,” he added.
Thailand’s cabinet had on January 13 approved in principle the Entertainment Complex Bill for casino liberalisation. The draft legislation was next to be scrutinised by the country’s law-advisory body the Council of State before it is sent to the lower house of the National Assembly for discussion and approval.
In his Thursday remarks, Mr Billings said the company would be “very disciplined” in terms of how it invests in different markets, including the possibility of developing a casino resort in downstate New York.
“We’re active in New York but … we’re being very disciplined in terms of how we think about New York, and then we obviously have a very substantial land bank here in Las Vegas. So, we have years and years of growth ahead of us,” said the CEO.
He added: “We have a lot of opportunities right now, but we’re very focused on Al Marjan, where we have a brand-new market, which is a tremendous opportunity for us.”
Building a database
The executive said on Thursday that construction of the UAE project was “rapidly progressing”, with work now “reaching the 35th floor of the hotel”.
“We believe the UAE will be a US$3 billion to US$5 billion gaming market over time, and certainly the most exciting new market for our industry in a decade,” noted Mr Billings.
Wynn Resorts’ local partners for Wynn Al Marjan Island are Marjan LLC and RAK Hospitality Holding LLC. The U.S.-based gaming operator – the parent of Macau casino concessionaire Wynn Macau Ltd – has a 40-percent stake in the project.
The resort will feature 1,542 rooms and suites, according to the developers. In an October update, Wynn Resorts said it would have an exclusive, renewable 15-year casino licence for Ras Al Khaimah, and that the property could generate a minimum of US$1.33 billion annually in gross gaming revenue (GGR).
Once completed – which is currently forecast to happen in 2027, according to the promoters – Wynn Al Marjan Island will have 22 restaurants, lounges, and bars, a shopping promenade, as well as a nightclub and beach club. The resort will also offer space for meetings and events.
Mr Billings said the plan to acquire Crown London (Aspinalls), a small, members-only casino in the heart of London’s upscale Mayfair district, in the United Kingdom’s capital, was part of the group’s effort to build a “database and brand awareness” for Wynn Al Marjan Island.
In January, Wynn Resorts announced that it would acquire the London venue from Australian casino firm Crown Resorts Ltd. The deal is expected to close in the second half of 2025.
The “small but strategic asset provides a presence in central London, where many of our future Al Marjan customers spend a meaningful amount of time,” explained Mr Billings.
“This acquisition was really about establishing a presence in a key global gateway city and a part of the world, where – when taken together with Al Marjan Island – we’re building a meaningful business,” observed the CEO.
He added: “When you put the two properties together, they’re going to serve an area which is home to 2.5 billion people and 40 percent of the world’s millionaires. So, you really should think about this as a part of Al Marjan.”
Any investment in Thailand to be done via Wynn Resorts: CEO
