UAE holds golden prospect for Wynn

The prospect offered by the United Arab Emirates for Wynn Resorts has led to the casino operator naming Derek Sands as vice-president for the UAE.

The company is to open a multi-billion-dollar integrated resort on an artificial island off the coast of the Ras Al Khaimah emirate.

The Macau market experience of Sands has backgrounded his new role. He has been with the Design and Development section of Wynn for eight years and his creative skills are thought to be premier in his appointment.

The plan for RAK is a 1,000-bedroom hotel, exclusive shopping mall, meetings and convention facility, spa and a group of restaurants and lounges plus a variety of entertainment – and a gaming amenity.

Wynn is working with local developer Marjan Properties and RAK Hospitality Holding on the $2bn project that loomed large over the Wynn second quarter results announced this week.

The group reported a fall in revenues, mainly through the stop-start-stop operations in Macau. But Las Vegas and Boston showed strong results. Total revenues for the second quarter were $908.8m, down by $81.3m from last year. There was a net loss of $130.1m, almost the same as last year.

Las Vegas (pictured) revenues were up $206m and the Encore Boston Harbor was up $44.9m. Wynn Macau and Wynn Palace in Macau were down $54.5m and $103.5m respectively.