Macau excites casino firm Wynn Resorts’ new CEO despite recent losses and pandemic uncertainty, as he eyes non-gaming projects and global growth
- Craig Billings, Wynn’s new chief executive officer, is eyeing global expansion with a focus on younger, affluent guests and a number of non-gaming projects
- Wynn Resorts is opening a US$2 billion casino and beach resort in the UAE, and plans pop-up retail stores in the United States
Wynn Resorts’ two Macau casinos – Wynn Macau and Wynn Palace – were once the company’s main breadwinners but lost money in the final months of 2021.
The world’s largest gambling hub is in a state of upheaval. While the local government is renewing casino licences, it is likely to also demand new investment from companies such as Wynn, even as China limits travel there by its own citizens.
All of that may seem like a lot to worry about for a company that got 70 per cent of its business from the Chinese enclave three years ago, but Craig Billings, Wynn’s new chief executive officer, is more enthused than intimidated by the challenges.
“I’m most excited and fascinated by Macau,” Billings said in his first interview since taking over in February. “I’m kind of a glutton for ambiguity and change.”
Billings’ plan is to make the company founded by disgraced casino mogul Steve Wynn even more of a global player, expanding into new businesses and focusing on younger, affluent guests. That means new markets and new customers, including people who don’t gamble.