Wynn Resorts remains interested in the ‘potential Japanese market’ for integrated resorts

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Wynn Resorts remains interested in the potential Japanese integrated resort market

Wynn Resorts confirmed that it will not participate in the proposal for integrated resorts in the Japanese city of Yokohama, but the operator said that it is still studying some businesses in order to invest in the local market.

In an official statement, the company stressed that “Wynn Resorts continues to closely monitor the situation of integrated resorts in Japan and sees the country as a market with strong potential”.

Previously, Wynn Resorts sought out offers in Osaka and then shifted its focus to Yokohama as a strategic point for its ventures in the country. However, the pandemic delayed all plans and the company also suffered heavy financial losses.

The operator announced the closure of its Yokohama office in August last year, attributing this to the global crisis and stating that an integrated resort was not the best strategy for corporate at that time.

On the other hand, the company’s representatives assured that “this does not mean that we are not interested in the market, it just means, it is not the current focus of our company”.

The company’s current share price is at $ 108.43, registering an increase of approximately 8% last week.

After a relatively difficult year for the operator, with the stock price plummeting to around $ 40 in March, Wynn Resorts is recovering and has been able to trade its brand shares around $ 100 since December 2020 .

About Wynn Resorts

Wynn Resorts Limited is a company with its headquarters located in the city of Paradise, in the state of Nevada, in the United States.

The group operates in the development and operation of luxury casinos, hotels and resorts around the world. The company was founded on October 25, 2002 by former president of Mirage Resorts, Stephen A. Wynn.