More than a week since Wynn Resorts Ltd.’s $4.2 billion Macau resort opened its doors to the public, analysts are already seeing some writings on the wall.
Bloomberg reported that the slow entry of tourists and the possibility that Wynn Palace taking business from local rivals is causing concern to analysts that are tracking the performance of the mega resort, which opened on August 23.
Unlike other recent casino openings, Union Gaming analyst Grant Govertsen pointed out in a research note on Monday that tourist influx in the casino, particularly the mass market customers, “felt slow.”
He also pointed out several reasons preventing mass-market customers from staying in the 1,700-room resort, including the exorbitant cost of gondola ride; the long walk around the lake to get to the casino entrance; and the light rail construction in front of the resort.