JERSEY CITY, N.J., /PRNewswire/ — WynnBET, the premier casino and sports betting app from the global leader in luxury hospitality, Wynn Resorts (NASDAQ: WYNN), announces that it received conditionally approved last week for sports gaming in Tennessee. The Sports Wagering Committee of the Tennessee Education Lottery Corporation’s Board of Directors approved WynnBET to operate its online sports betting app throughout the state, pending fulfillment of statutory and regulatory requirements to go-live.
Tennessee marks the ninth state that WynnBET has gained market access to as the Company fast-tracks its growth plan to meet the demands of the quickly moving online and mobile sports betting industry.
Inspired by Wynn Resorts unmatched expertise in customer service and sophisticated brand experience, the WynnBET app offers an ultra-intuitive and highly responsive interface that delivers hundreds of sports betting options to delight both aficionados and beginners alike. With its acquisition of BetBull in 2020, WynnBET is built on a foundation of highly social sports-betting technology and one-of-a-kind experiences so that wagering and winning can be a celebrated and shared experience.
WynnBET is currently available in New Jersey, Colorado, and Michigan. In addition, WynnBET has market access opportunities in Indiana[1]*, Iowa*, Massachusetts*, Nevada, Ohio*, and now Tennessee; and has submitted for licensure in Virginia. Such market access and licensure are subject to legalization and required approvals by regulatory authorities in each jurisdiction.
Five-Star Resort Returns With Full Array of Luxury Amenities and Industry-Leading Health & Safety Plan
LAS VEGAS, May 27, 2020 /PRNewswire/ — Wynn Las Vegas (Nasdaq: WYNN) announced today a reopening date of Thursday, June 4, under phase two of the Nevada United: Roadmap to Recovery plan from Governor Steve Sisolak. As the largest five-star resort in the world, Wynn Las Vegas plans to offer guests a complete Las Vegas experience by opening every amenity and outlet available. Both hotel towers and the casino as well as all restaurants will reopen on June 4, followed by the resort’s newest restaurant, Elio, later in the month. Every effort has been made to present Wynn’s complete luxury experience and provide guests with the peace of mind needed to enjoy a fun and relaxing return.
In preparation, the Company has created a comprehensive new Health & Safety Plan that is now considered the gold standard in the hospitality industry.
“We are ready to provide our guests with a full Las Vegas experience with a collection of luxury amenities and unmatched service,” said Wynn Resorts CEO Matt Maddox. “At the same time, our extensive Health & Safety Plan, validated by the nation’s leading public health experts, will enable a safe environment for our guests. The entire Wynn team is looking forward to welcoming our guests back.”
Wynn will reopen withthe full Las Vegas experience guests expect and deserve, with everything conveniently and safely available under one roof, allowing for the perfect getaway. From lounging by pristine pools to lively late-night betting – and most everything in between – the very best of Wynn’s renowned glamour, excitement, and luxury will be available, including:
Both Wynn and Encore hotel towers
Two 24-hour casinos with a variety of table games and slots as well as the Race & Sports Book
The resort’s full portfolio of fine-dining restaurants, lounges, and casual eateries, several with outdoor seating on open verandas and patios
Expansive resort pools with private cabanas
Wynn’s 18-hole championship golf course
Nightly entertainment at the Lake of Dreams
Three retail esplanades
Full-service beauty salons, barber shop, spa treatments and fitness centers
In addition, several thoughtful new measures in social distancing, touchless technologies, and cleaning protocols have been incorporated throughout the resort in a clear and transparent effort to protect the well-being of all guests. Most notable among the enhancements are:
Non-invasive thermal temperature checks and face coverings provided at all entrances
Automatic hand sanitizer stations, UV Technology, and electrostatic sprayers will be utilized throughout the resort
Sealed guest rooms after meticulous sanitization by Wynn’s professional housekeeping staff
Amenity kits including sanitizing wipes, hand sanitizer, and face coverings in each guest room
Dedicated team of cleaning professionals sanitizing public guest areas 24 hours a day
Wynn employees are required to wear face coverings at all times, and most importantly, have all been tested for COVID-19 before returning to work.
The Wynn Resorts Health & Safety Plan was created in consultation with leading public health medical professionals from Georgetown and Johns Hopkins Universities in addition to recommendations from the U.S. Centers for Disease Control and Prevention (CDC), the Southern Nevada Health District (SNHD) and the Gaming Control Board (GCB). The full plan can be viewed on www.wynnlasvegas.com.
I always love to read stories about the generosity of great corporations. Especially during times when self-centered politicians love to bash them so that they can profit from the potential graft a pending victory can bring. -WB
PRNewswire/ — Wynn Resorts (Nasdaq: WYNN), the world’s leading resort company based in Las Vegas, Nevada, announced today that the Company will extend paying all salaried, hourly and part-time employees through May 15, for a total of 60 days of payroll continuance. The Company decided to take this action as part of its shared responsibility for the health and safety of its employees, their families and the Las Vegas and Greater Boston communities during this pandemic.
Payroll coverage will include more than 15,000 current Wynn and Encore employees. For tipped employees, it includes the average tip compliance rate or distributed tips/tokes since the beginning of the year.
“It is our shared responsibility to follow the direction of health and safety professionals to stay home, and limit social contact,” said Wynn Resorts CEO Matt Maddox. “We owe it to each other, our families and to our community.”
For more information on Wynn’s health and safety measures, please visit www.WynnInfo.com.
The Encore Boston Harbor Casino in Everett seen from Somerville. (Jesse Costa/WBUR)
LAS VEGAS (March 15, 2020)– Wynn Resorts has decided to temporarily close Wynn Las Vegas and Encore as part of its continuing effort to reduce the spread of COVID-19 (coronavirus).
The Company has committed to pay all full-time Wynn and Encore employees during the closure.
The closure will be effective Tuesday, March 17 at 6 pm and is expected to be in effect for two weeks, after which time the Company will evaluate the situation. A limited number of employees and management will remain at the resort to secure and maintain the facility. For additional information and updates, please visit www.wynninfo.com.
NEW YORK (Reuters) – U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a cash and stock deal that values its peer at about $18 billion including debt, people familiar with the matter said on Sunday.
The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars’ board.
The deal, which is expected to be announced on Monday, values Caesars at close to $13 a share, according to the sources. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders, the sources said.
The sources asked not to be identified because the matter is confidential. An Eldorado spokesman said the company did not comment on rumors or speculation. Caesars did not immediately respond to requests for comment.
The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.
Caesars’ shares closed on Friday at $9.99. The company, which emerged from bankruptcy in 2017, operates casinos with the Harrah’s and Horseshoe brands. It had 53 properties in 14 U.S. states and five countries outside the United States at the end of December.
Eldorado has a market value of $4 billion. It also had long-term debt at the end of March of $3.1 billion. It owns and operates 26 properties in 12 U.S. states.
(Reporting by Greg Roumeliotis; Editing by Peter Cooney)
FILE PHOTO – The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed/File Picture
(Reuters)
– Wynn Resorts Ltd, the world’s No. 2 casino operator, said on Tuesday
it scrapped preliminary talks to acquire Crown Resorts Ltd for A$10
billion ($7.1 billion), after the Australian Financial Review broke news
of the negotiations.
Wynn’s
backtracking illustrates how media leaks of deal talks can test the
resolve of potential acquirers. Crown shares jumped as much as 22
percent on the news to A$14.37, close to the $A14.75 per share level
that Crown said Wynn’s latest cash-and-stock offer valued the company.
This
can make deal negotiations more difficult by emboldening acquisition
targets to drive a hard bargain, analysts said. In this case, Wynn’s
inexperience with pursuing big deals also likely played a factor, some
analysts added.
“(Wynn)
management’s experience with acquisitions is limited, so when you
target synergies it’ll be nice to have more of a track record for such a
large transaction,” said Roth Capital Partners analyst David Bain,
calling the termination of the deal talks a positive development for
Wynn.
After
the Australian Financial Review revealed Wynn’s takeover approach,
Crown not only confirmed the confidential talks on Tuesday, but also
disclosed the price that Wynn was offering. It added that Crown’s board
had not yet considered Wynn’s latest offer.
Wynn then issued two statements, first confirming the talks, and, a few hours later, stating that they had ended.
“Following
the premature disclosure of preliminary discussions, Wynn Resorts has
terminated all discussions with Crown Resorts concerning any
transaction,” the company said in a statement.
Wynn’s shares were down 3.2 percent at $140.21 in New York at mid-afternoon.
Examples
of companies confirming acquisition talks only to back out hours later
are few and far between, because they reflect a lack of conviction on
the part of the aspiring acquirers.
Last
year, drug maker Allergan Plc confirmed it was in the early stages of
making an offer for peer Shire Plc, after Reuters broke news of the
deliberations, only to issue a second statement a few hours later
stating it would not make an offer.
Insurer
Aon Plc said last month it would not pursue a merger with rival
insurance brokerage Willis Towers Watson Plc, a day after it confirmed
it was in early stages of considering an all-stock offer for the Irish
company following a Bloomberg News report revealing the deliberations.
HEDGE AGAINST MACAU
Wynn
was founded in 2002 by Steve Wynn, who started his casino business in
Las Vegas in the 1960s and created some of the city’s most iconic
landmarks – the Mirage, Bellagio and Treasure Island – before selling
them. Beset by sexual misconduct allegations, Wynn left the company and
sold his entire 11.8 percent stake in Wynn Resorts for $2.1 billion last
month.
Wynn
operates large resort-and-casino complexes in Las Vegas and Chinese
gambling hub Macau, with another under construction in Massachusetts.
The deal would have offered a hedge against Macau, where its licences
are up for renewal, by giving it two lavishly revamped Australian
casinos and a third being built on the prized Sydney harbour front.
Buying
Crown would also fit in with Wynn’s strategy to diversify
geographically to protect its growth prospects if its Macau licences are
not renewed.
The
company’s efforts so far have included ramping up promotion of a resort
in Japan, a market seen as the next potential goldmine to Macau and a
former expansion target for Crown.
“Wynn
has typically grown through building their own facilities, not through
acquisition,” said Bain, the Roth Capital Partners analyst.
For
Crown’s 47 percent owner James Packer, who re-badged his father’s media
empire as a gambling concern in 2007 only to withdraw from business
engagements last year due to mental illness, the deal would have ended
his career as a casino mogul with a A$4.7 billion payout.
He
would have ended up as Wynn’s biggest shareholder with 9.8 percent of
its shares, based on its current number of shares on issue.
“We
think Wynn’s strategy was mostly defensive, but if they have a strong
strategic rationale for wanting to acquire Crown, they would likely come
back to the table when things settle down,” said John DeCree, Union
Gaming Securities’ director of North America research.
(Reporting by Byron Kaye, Tom Westbrook and Paulina Duran in SYDNEY, Devika Syamnath and Nivedita Balu in BENGALURU, and Greg Roumeliotis in NEW YORK; Editing by Sriraj Kalluvila, Shounak Dasgupta and Richard Chang)
(Nattee Chalermtiragool/Shutterstock)
stock-Wynn-Macau-01-shutter
Macao, China – March 12, 2016: View of Macao city at night in Macao, China
One of the trends sweeping through the gaming industry over the past decade is selling real estate to real estate investment trusts (REITs). Sometimes companies control their REITs, like MGMResorts (NYSE: MGM) does with MGM Growth Properties (NYSE: MGP) and CaesarsEntertainment (NASDAQ: CZR) does with VIVI Properties(NYSE: VICI), and sometimes real estate is sold to third-party companies.
REITs free up cash for casino companies, often to the tune of billions of dollars. That money can help reduce debt or fund growth projects, which is attractive because it doesn’t fundamentally change a resort’s operations. But Wynn Resorts (NASDAQ: WYNN) has avoided the temptation to sell most of its real estate over the years. If it did, however, the company could free up billions of dollars in cash.
Wynn’s Encore Boston Harbor.
Image source: Wynn Resorts.
Click the link below for the full story from “The Motley Fool”…
LAS VEGAS, Jan. 28, 2019 /PRNewswire/ — Resorts World Las Vegas (RWLV) and Wynn Resorts today jointly announced that the companies have reached a settlement agreement on a dispute involving trade dress and copyright infringement claims surrounding the design of the $4 billion RWLV project.
“Genting’s Resorts World Las Vegas project will be the launching point for the next generation of integrated resorts, and the aesthetics of the project will play an important role in its future success. While the company believes the design to have had differences with Wynn and Encore’s once fully realized, after further consideration and conversations with the Wynn team, we have directed our design team to make several changes that will clearly differentiate the two properties,” said Michael Levoff, Senior Vice President of Public Affairs & Development, Genting. “This mutually beneficial settlement will allow Genting to continue to develop Resorts World Las Vegas with minimal impact to cost and the overall project timeline.”
“Wynn Resorts’ world-renowned signature architecture and design are among the elements that have built our brand’s reputation for excellence. Resorts World Las Vegas’ initial design had elements which had similarity to our resorts in Las Vegas, Macau and Boston. The new design changes offered by Genting will resolve the concerns we expressed about the similarity of the design,” said Michael Weaver, Chief Communications Officer, Wynn Resorts. “We welcome and look forward to Resorts World Las Vegas’ opening. Their future success will benefit all of Las Vegas.”
About Resorts World Las Vegas Resorts World Las Vegas (www.rwlasvegas.com) is a US $4 billion, Las Vegas Strip, integrated resort currently under construction and being developed by the world-renowned Genting Group. RWLV will include over 3,400 rooms in multiple hotels; a variety of restaurants; an innovative, next generation gaming space; numerous retail offerings; and a top-tier nightlife venue. The first ground-up resort on the Las Vegas in over a decade once opened, RWLV is being designed to appeal to both gaming and non-gaming patrons with a special emphasis on technology and first-to-market product offerings. RWLV is slated to initially open at the end of 2020. The Genting Group (www.genting.com) comprises the holding company Genting Berhad (Bursa Malaysia: KLSE 3182) and its listed subsidiaries: Genting Malaysia Berhad, Genting Plantations Berhad and Genting Singapore PLC. The Group is involved in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences and biotechnology activities, with operations spanning across the globe, including in Malaysia, Singapore, Indonesia, India, China, the United States of America, Bahamas and the United Kingdom.
About Wynn Resorts Wynn Resorts, Limited (WYNN) is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. Wynn Resorts owns and operates Wynn and Encore Las Vegas (wynnlasvegas.com), Wynn Macau (wynnmacau.com), Wynn Palace, Cotai (wynnpalace.com), and is currently constructing Encore Boston Harbor in Everett, Massachusetts (encorebostonharbor.com), scheduled to open summer 2019. With a collective 16 Forbes Travel Guide Five-Star Awards, Wynn Resorts is the highest rated independent hotel company in the world.
Shares of Wynn resorts (WYNN) dove more than 15 percent Thursday after the casino operator’s chief executive said the company is seeing a “slowdown” at its Macau location.
Though CEO Matthew Maddox said results were strong during China’s seven-day Golden Week holiday, attendance since then has been “choppy” during the week and “sporadic” on the weekends.
Las Vegas Monorail will be turning 12 years old in July, 2016. The monorail system has had its share of growing pains over the years, but it did provide me with transportation on a recent trip to Las Vegas from the Convention Center to the Quad Hotel. The Las Vegas Monorail project was constructed by Bombardier Transportation, the same company that is currently rolling out its C Series regional jets. It was built as an extension to the existing monorail line that operated between the MGM Grand and Bally’s Hotels. The monorail suffered many malfunctions while in its testing phase that delayed the start of passenger service for about a year. These malfunctions included parts falling from the monorail tracks to the ground. The Las Vegas Monorail finally opened to the public on July 15, 2004. The system did experience a couple of shutdowns during its first year of operations, including one that lasted almost four months when parts began falling from the tracks again. One year after service began, Transit Systems Management announced that it would shut down its operations, turning responsibility for operations to the Las Vegas Monorail Company.
Las Vegas Monorail Bankruptcy and Expansion Plans
On January 13, 2010, the Las Vegas Monorail filed for Chapter 11 Bankruptcy Protection. The filing stated that the Monorail had been operating since 2004 using proceeds from its initial financing and debt service reserves. These funds have now been fully depleted, which made it necessary to file for re-orginization. According to the court petition, Las Vegas Monorail has between $10 million and $50 million of assets, and between $500 million and $1 billion of debts. The Las Vegas Monorail Company successfully emerged from bankruptcy protection in November of 2012, with its debt load slashed down to just$13 million.
A feasibility study for a planned expansion of the monorail to the McCarran Airport was approved back in November of 2005. This extension was officially approved in December of 2006 by Clark County commissioners, providing that the financing would come from private funding. However, funding for the project never materialized. The monorail company most recently proposed in May of 2015 that the monorail be extended to the Mandalay Bay Resort and Casino, with an additional station being added at the Sands Expo & Convention Center across the street from the Wynn Las Vegas.
