Wynn Resorts weighs development for 38-acre Las Vegas Boulevard parcel

Wynn Resorts Ltd. executives said Thursday that the company is beginning to evaluate potential uses for a 38-acre property located across Las Vegas Boulevard from its existing Wynn and Encore resorts.

The company owns the land on the west side of the boulevard, which is currently utilized for special gatherings and festivals. CEO Craig Billings described the planning process as a preliminary stage where the team is considering how the new development might relate to the nearby established assets.

Billings noted that building on this specific parcel could result in lower total costs compared to constructing a standalone integrated resort. He suggested the location offers a strategic advantage due to its proximity to the current Wynn properties.

The 38-acre site represents a major expansion opportunity for the Las Vegas strip. The company has not announced a specific design or timeline for this new project, only indicating that internal discussions have begun.

During the quarterly earnings call, Billings stated that the company’s primary immediate focus remains the upcoming launch of Wynn Al Marjan Island in the United Arab Emirates. He said the resort is less than a year from completion and that hotel rooms will be available for sale soon.

The Dubai resort is scheduled to open in September 2027. It will feature 1,530 accommodations within a 70-story building. This includes 1,217 standard hotel rooms, 297 suites, two Royal Apartments, four townhomes, and 10 marina estates.

The facility will also include a 225,000-square-foot main casino and a separate sky gaming casino on the 22nd floor. Retail space will span 129,166 square feet, while convention space will total 8,000 square feet, including a 28,352-square-foot column-free ballroom. The property will host 22 restaurants, lounges, and bars.

Financial results for the quarter ending Sept. 30 showed a decline in performance. 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 last year.

Billings attributed the decline to headwinds faced during the quarter. He also announced that collective bargaining agreements were reached with employees at Encore Boston Harbor. This ends a strike that lasted 63 days beginning Sept. 4. UNITE HERE union members began voting on the new contract Thursday.

Shares of Wynn Resorts fell $3.06, or 3.7 percent, to $79.32 per share on the Nasdaq exchange. Analysts cited the company’s failure to meet revenue and earnings projections as the reason for the drop. Billings expressed confidence in the Las Vegas market, noting strong pricing power and a solid outlook for group and convention business in 2027.