Wynn Resorts executives anticipated eight applications for the six casino licenses in Macau, which would include two challengers in addition to the six existing applicants. Genting Group was the only opponent to show up, which eased Wynn’s minds about its chances in the neighborhood.
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One of the things that J.P. Morgan analyst Joseph Greff learned from his conversation with three senior Wynn officials last week was that. Greff met with Chief Financial Officer Julia Cameron-Doe, Treasurer Vince Zahn, and Director of Investor Relations Amir Markowitz to go over the future of the business.
China was the main thought in everyone’s head. Resubmitting an application for a concession would cost $1 million, “a low hurdle.” Of equal concern was laying out a reopening scenario in Macau, where visa restrictions are expected to be eased next month. Greff called this “the first positive step in two years.” Still, he predicted that the recovery from a two-year lockdown would not be linear.
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