Wynn Resorts Ltd. has decided to postpone a $375 million remodeling project at its Encore Las Vegas property due to the financial implications of current tariffs. CEO Craig Billings mentioned during the company’s first-quarter earnings call that while operational expenses affected by tariffs are manageable, capital expenses are significantly impacted. The company plans to reassess and adapt its sourcing strategy once tariff rates stabilize.
Wynn Resorts experienced a notable decline in earnings for the first quarter ending March 31 compared to the previous year, primarily due to the absence of the Super Bowl event that significantly boosted earnings in 2024. Nevertheless, the company saw growth in its slot business and non-gaming revenues.
Wynn is also focusing on its international ventures. In Macao, the company observed strong performance during the “Golden Week” holiday, with increased restaurant activity at Wynn Palace. In the United Arab Emirates, construction of the Wynn Al Marjon Island resort is progressing, with a targeted opening in early 2027.
The company is keeping an eye on potential developments in Thailand and New York, especially concerning the impact of online gaming. While Wynn has not dismissed the idea of expanding into Japan, Billings noted that any such venture would depend on suitable licensing and ownership conditions.