Wynn Resorts Evaluates Development of 38-Acre Las Vegas Boulevard Parcel

Wynn Resorts Ltd. is actively evaluating development options for its 38-acre land bank on the west side of Las Vegas Boulevard.

Company executives disclosed the strategy during a quarterly earnings call on Thursday.

The parcel sits directly across the street from the existing Wynn Las Vegas and Encore Las Vegas resorts. The land has historically served as a venue for special gatherings and festivals. Wynn CEO Craig Billings described the current phase as an initial conceptual review of how the new property might integrate with the company's existing assets.

Billings stated that building on the current site could result in a lower all-in dollar cost compared to constructing a freestanding integrated resort. He noted that the physical relationship to the neighboring Wynn and Encore properties offers a strategic advantage for future construction.

The company’s immediate operational focus, however, remains on the completion of Wynn Al Marjan Island in the United Arab Emirates. Billings indicated that the resort is less than a year from full completion. He expects the public to begin booking hotel rooms soon, with a grand opening scheduled for September 2027.

The Dubai property will feature a 70-story building containing 1,530 accommodations. This total includes 1,217 hotel rooms, 297 suites, two Royal Apartments, four townhomes, and 10 marina estates. The facility will also house a 225,000-square-foot casino, a separate 22nd-floor sky gaming casino, 129,166 square feet of retail space, and 22 dining venues.

Financial results for the quarter ending Sept. 30 showed a decline in profitability compared to the prior year. Wynn reported net income of $17.3 million, or 17 cents per share, on revenue of $1.689 billion. This compares to net income of $88.3 million, or 85 cents per share, on revenue of $1.834 billion during the same period in the previous year.

Billings attributed some of the quarterly challenges to headwinds in the market. He noted that labor negotiations with UNITE HERE union members at Encore Boston Harbor have concluded, ending a 63-day strike that began on Sept. 4. Union members began voting on the new collective bargaining agreement on Thursday.

Despite the financial dip, Billings expressed satisfaction with operations in Las Vegas, particularly with the upcoming Formula One Grand Prix. He stated that the group and convention business, which serves as a long-term leading indicator, is pacing ahead of 2026 and 2025 levels. He projected that 2027 demand remains strong, citing the company’s unique position in the local market.

Wynn Resorts shares fell $3.06, or 3.7 percent, on the Nasdaq exchange to close at $79.32 per share. Analysts cited the company’s miss in revenue and earnings projections as the primary driver of the stock decline.