Opening China will benefit Las Vegas hotels in Macau: Steve Wynn
Former Wynn Resorts Chairman and CEO Steve Wynn discusses reopening hotels and casinos and how coronavirus could impact Las Vegas.
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Former Wynn Resorts CEO Steve Wynn said Tuesday that a bounce back in the Chinese gambling mecca of Macao will provide a boost to Nevada hotels that have operations in the region.
"This time, opening China, which I think is going to happen as soon as they release some of the restrictions on the visas, they're going to open the border," Wynn told FOX Business' Maria Bartiromo. "And Macao, I believe, you'll see bounce back very rapidly, which will benefit the Nevada hotels that have operations there."
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Wynn Resorts, Las Vegas Sands, and MGM Resorts International have operations in Macao.
"In the case of Wynn Resorts, 65 or 70 percent of the profits came from there," Wynn said, adding: "Macau business was their main driver. During the recession between 2008 and 2010 we used Chinese money to build 2,000 rooms and we never laid off one human being."
He noted that Las Vegas Sands and Wynn Resorts each have thousands of rooms in the region.
Wynn resigned in February 2018 as chairman and chief executive of Wynn Resorts amid allegations of sexual misconduct, which were first reported in January 2018 by the Wall Street Journal. He has consistently denied the accusations.
(iStock) In Las Vegas, hotels and casinos along the Strip have been closed since mid-March to contain the spread of the virus. However, they will begin taking reservations as soon as June 1. WHAT IS STEVE WYNN'S NET WORTH? In order to bring tourism back to Las Vegas and revamp the stifled economy, Wynn said air travel will be a key factor. "For Las Vegas, the first hurdle is the airlines," he said. "We've got to make sure that the service that has supported those 160,000 rooms on the strip, that the airport is up to speed." CORONAVIRUS FORCES WYNN RESORTS, MGM TO CLOSE VEGAS CASINOS Wynn Resorts, alongside major competitors such as MGM Resorts and Encore, temporarily shuttered operations in mid-March to limit the spread of the virus, essentially causing the Las Vegas Strip to go dark and hurting the state's economy. "Macao business was their main driver," he said. "During the recession between 2008 and 2010 we used Chinese money to build 2,000 rooms and we never laid off one human being." GET FOX BUSINESS ON THE GO BY CLICKING HERE However, while these hotels and casinos will being to take reservations as soon as June 1, Wynn noted that their first hurdle is getting tourists physically back to Las Vegas. "For Las Vegas, the first hurdle is the airlines," he said. "We've got to make sure that the service that has supported those 160,000 rooms on the strip, that the airport is up to speed." CLICK HERE TO READ MORE ON FOX BUSINESS The Associated Press contributed to this report Source: Read Full Article