Macau casino concessionaire Wynn Macau Ltd says it expects to open some Phase 2 features of its Wynn Macau expansion within the first half of 2021, however a much larger expansion project at its Cotai resort Wynn Palace will remain on hold for the remainder of the year.
Details of the Wynn Macau Ltds current capital expenditure projects were included in its 2020 Annual Report, published Monday. Wynn Macau, which reported a HK$7.22 billion loss in 2020, operates two integrated resorts in the Special Administrative Region: original property Wynn Macau, located on the Macau Peninsula, and Wynn Palace, opened in 2016 and located in Cotai.
According to the companys Annual Report, the second phase of the Lakeside Casino expansion of Wynn Macau is now substantially completed with portions expected to open within 1H21 depending on market conditions. Phase features two new restaurants and approximately 7,000 square feet of additional retail space.
The first phase of the Wynn Macau expansion project opened in November 2019, adding 44 mass market gaming tables and a refurbished high-limit slot area.
There has been less progress, however, at Wynn Palace where a far more substantial Phase 2 expansion has been put on hold as a result of COVID-19. The company said in its 2020 Annual Report that it has continued to design the second phase of Wynn Palace but does not expect to incur significant capital expenditures related to the construction of this project in 2021.
We will be continuously monitoring the situation and conditions in the markets in which we operate, and will resume major project capital expenditures in the future.
When construction does proceed, Wynn Palace Phase 2 will become a unique world-class cultural destination, incorporating an array of non-gaming amenities such as event space, interactive entertainment installations, food and beverage offerings, and additional hotel rooms, Wynn Macau said.