Wynn Las Vegas, part of Wynn Resorts, Limited WYNN, recently announced that it will reopen all facilities on Jun 4. Notably, the long-awaited reopening will come during phase two of Nevada United’s Roadmap to Recovery plan.
Wynn Las Vegas, one of the world’s largest five-star resorts, will open every amenity and outlet including hotel towers, casinos, and restaurants for guests, followed by the resort's newest restaurant — Elio — in late June.
Considering coronavirus-related health issues, it has created a comprehensive new Health & Safety Plan. Notably, the plan was created in consultation with leading public health experts from Georgetown and Johns Hopkins Universities. Also, it has taken recommendations from U.S. Centers for Disease Control and Prevention, the Southern Nevada Health District and Gaming Control Board.
Additionally, it has incorporated several measures like social distancing, touchless technologies, and cleaning protocols across the resort. Some of these initiatives include non-invasive thermal temperature checks at the entrance; face coverings; automatic hand sanitizer stations, UV Technology; electrostatic sprayers; sealed guest rooms after meticulous sanitization; amenity kits including sanitizing wipes, hand sanitizer, and face coverings; and cleaning professionals sanitizing public guest areas 24 hours a day.
Strategic Plans to Fight the Pandemic
Over the past few months, the company’s business in Macau and Las Vegas has been impacted by the coronavirus pandemic. In first-quarter 2020, its top and bottom lines were hurt significantly by operating loss at Encore Boston Harbor, Wynn Palace, Wynn Macau, Las Vegas operations and Encore Boston Harbor.
So far this year, shares of Wynn Resorts have declined 37.4% compared with the industry’s 25.5% fall.
Nonetheless, it expects demand to be strong, once the COVID-19 fear eases. The company derives most of its revenues from operations in Macau and Las Vegas. Recently, it restarted Macau operations. Following the reopening of Macau casinos, the company witnessed a gradual increase in gaming volume from Feb 20 to Mar 20, and decline in expenses from $2.5 million to $800,000 a day. The same pattern is likely to be seen in Las Vegas, given various initiatives and plans.
In Las Vegas, it is working on two new restaurant concepts that are expected to make significant additions to the non-gaming business. Not only this, Wynn Resorts plans to open a new retail and convention center in Las Vegas.
We believe the reopening of facilities and several initiatives undertaken to comfort guests will boost its future performance.
Wynn Resorts — which shares space with Boyd Gaming Corporation BYD, Eldorado Resorts, Inc. ERI and Las Vegas Sands Corp. LVS in the Zacks Gaming industry — carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
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