WYNN - Wynn Resorts LimitedIn 2002, ex-chairman and CEO of the Mirage Resorts Stephen A. Wynn went on to form his own company called Wynn Resorts Limited. It was formed as a public corporation based out of Las Vegas, Nevada. It was meant to be a high -end casino and hotel operator. The company opened Wynn Las Vegas in 2005 as its pioneer project using the public funds collected from shares launched in 2002. In 2004, the work on the development of its second project was started to be finished and inaugurated in 2006 as the Wynn Macau.
An extension to The Wynn Las Vegas was launched on the first anniversary of the company's first project 2006 as Encore Suites. The redesign and development of the Wynn Las Vegas golf course was also announced, to be rechristened as Wynn Golf and Country Club. The new design incorporated a lake with two separate resorts. To be connected by the "Wynn Parkway". This new project is scheduled to commence in 2009. Another announcement for active participation in the development and construction of the Cotai Strip in Macau was also made at the same time.
The Encore project was successfully launched to the public in early 2009 after a successful inauguration in December 2008. After this launch of the second project the company saw a modest increase in its revenues at a gain of about $20 million in the first 3 months, and this revenue was attributed to be generated by the food and beverage outlets and not the casino itself.
The casino revenues actually suffered a loss of about $8 million, despite the encore adding to the gaming and gambling capabilities of the company by increase in the number of games and gambling tables. Compared to this, the non-gambling revenues saw a hefty increase at 13.3% attributed to the hotel, food and beverage sales at the newly opened Encore. The minute increase in hotel revenues, despite adding a huge number of rooms to the existing Wynn Las Vegas by the Encore was again attributed to the lowered room rents and even lowers occupancy which followed the inauguration. Tough the added 12 more food and beverages outlets somewhat compensated for the losses. Retail and entertainment revenues suffered the most due to the premature cancellation of the "Spamalot" production in July 2008. The added depreciation in profits has pushed the company to the brink of bankruptcy but, still they are managing to hold forth with external funds.