The staging area and the construction area for the light rail system covers our entire east side and is across the street from our property, the entire parcel, on the east side. That project has been underway for several years, experienced some developmental complexities and problems and delays, and is now scheduled for completion in a few years. On the east is the staging yard for the light rail system that resembles monorail that seeks to bring people from the airport and the Cotai ferry terminal to the various hotels in Cotai. We – our 52 or so acres there is surrounded on all four sides by streets. There is something about our property in Cotai that I want to frame this conversation today. In the meantime, here's the full Wynn construction rant for your enjoyment: Things have started to stabilize (though they have not in any way returned to their former casino world capital glory) but it's unclear as yet whether or not the market can support all the casinos coming online.Īnd there are a lot of them, some of which have already opened: This put a big chill on travel from mainland China to Macau, and led to a year or so of utter horror for casino operators. A bunch of big time casino heists didn't help matters either. It made it harder for people to spend money on the territory, it put cameras in VIP rooms, and limited traffic from the mainland to Macau. Just when things were getting back to ok.īack in 2014 the Chinese government came down on Macau and the high rollers there really hard. It may be something that we've been watching in Macau for months, which is the problem of entirely too much supply coming online in an already crippled market.

2017 consensus is likely to come down, given a pretty hefty ramp built into Street estimates,' wrote Wells Fargo analyst Cameron McKnight in a note after the earnings release.īut here's the thing with all of that information - it might not just be the construction hampering the Wynn Palace.

WYNN’s market share didn’t increase with the Palace opening, and operating expenses and promotions were higher than we’d expected. 'Bottom line, the newly opened Wynn Palace is off to a slower-than-expected start. That lack of traffic contributed to a Wynn third quarter earnings miss, with EBITDA coming 5% below consensus. Wynn, if he is indeed correct, has a right to be upset. It has tended to isolate our property on all four sides and it's made access to the Palace temporarily highly encumbered ,' he said (full rant at the end of the post). what we have is an anomalous situation where all four sides of our property are currently being enclosed by either barricades or construction blockades of one kind or another. He blamed that construction for lower-than-expected foot traffic to the $4 billion property, which opened in August.

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Perfect Feet by Stuart Mogul