Wynn Resorts reconsiders Japan IR bid, seeks legal assurances
US-based casino giant Wynn Resorts has expressed fresh interest in Japan’s integrated resort (IR) market, but only if legal and regulatory conditions prove favourable. The company’s chief executive, Craig Billings, signalled a cautious stance during an earnings call on 6 May 2025, following the group’s latest financial results.
Billings would “always look at any gateway city where meaningful capital can be deployed.” he stressed that the legal framework in Japan must be suitable. “Would we look at [a fresh IR bidding process in Japan]? Of course, but the setup has to be right for us,” he told analysts.
This development comes as Japan’s national government is expected to begin a new bidding round later this year for additional casino resort licences. The goal is to approve up to two new sites by December 2027, in addition to the MGM Osaka project already under development.
Wynn has previously shown a strong interest in Japan, establishing an office in Yokohama and pursuing potential development plans. However, in 2020, then-CEO Matt Maddox declared the company was “pretty much ceasing” its efforts in Japan. That decision followed the closure of the Yokohama office and concerns over Japan’s complex regulatory environment and limited ownership rights for foreign investors.
Structural woes trouble Wynn
Craig also reiterated those concerns, pointing to “structural challenges” in Japan’s casino licensing and ownership system. Despite this, he said Japan still “fits the bill” as a target market where the Wynn brand could thrive, should terms improve.
Beyond Japan, Billings also named Thailand, where casino legalisation is under discussion, as a market with significant tourism potential. However, he noted that the current draft bill contains elements that “probably won’t work” if it is unchanged.
Wynn Resorts is simultaneously exploring development opportunities elsewhere. The group has land banks in the United Arab Emirates, Boston and Las Vegas, offering multiple avenues for expansion. In the UAE, the company is progressing with its Wynn Al Marjan Island project in Ras Al Khaimah.
Expansion drive faces revenue hit
Meanwhile, Wynn Macau Ltd, the group’s arm in the Chinese gaming hub, saw first-quarter 2025 operating revenue fall to $865.89 million (€802.4 million), a 13.3 percent decline year-on-year. Adjusted property EBITDAR dropped 25.8 percent to $252.1 million (€233.5 million).
Operating revenue at the Wynn Macau resort slid to $330 million (€305.7 million), while Wynn Palace posted $535.9 million (€496.5 million), down 8.7 percent. Casino revenue at both properties also fell.
Group-wide, Wynn Resorts reported net income of $72.7 million (€67.4 million) for the first quarter of 2025, down nearly 50 percent year-on-year. Operating revenue totalled $1.70 billion (€1.58 billion), reflecting a $162.5 million (€150.8 million) decline from the previous year.
