Wynn squeamish on investing Japanese IRs
Just a few months after Las Vegas Sands (LVS) COO Rob Goldstein doubted the viability of developing integrated resorts in Japan, Wynn Resorts is following suit with its own cautionary stance.
Speaking to analysts during Wynn’s Q3 earnings call, CEO Matt Maddox tempered
expectations regarding Wynn’s stake in the Japan IR race.
Maddox said: “We are going to pursue Japan with vigor, but we will not pursue it if it
does not make financial sense. I still believe that this is going to be a longer process
than a lot of people are anticipating.
“We’re going to be very disciplined in terms of how any structure is put together,
what the costs are going to be and what the return profile is going to be.”
Rising capex expectations of around $12bn have curbed LVS and Wynn’s interest of
investing in some of Japan’s smaller markets.
LVS and Wynn both withdrew their bids to develop an IR in Osaka and instead
doubled down on their IR efforts in Tokyo and Yokohama.
A maximum of three locations will be allowed in Japan after a bill to legalize casinos
in the country passed last year.
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