Wynn Las Vegas has taken legal action against Fontainebleau, requesting a Clark County District Court judge to intervene and halt what they claim is the ongoing poaching of their executives by the rival resort.

Wynn’s Legal Filing Claims Fontainebleau Tempts Executives with Salary Boosts

In a recent court filing, Wynn attorneys outlined allegations that Fontainebleau has been actively enticing Wynn executives, who are bound by noncompete agreements, to abandon their positions and join the competitor, reported The Las Vegas Review-Journal. The motion, submitted on April 5, detailed instances where Fontainebleau allegedly offered substantial salary increases to lure Wynn employees away.

The motion asserted that Fontainebleau had repeatedly interfered with and attempted to interfere with Wynn’s employment agreements. It further argued that given Fontainebleau’s past behavior, it is likely to continue such practices, hence the request for an injunction to prevent further disruption of contractual relationships.

This legal tussle began at the beginning of March when Wynn initially filed a lawsuit against Fontainebleau. The complaint alleged persistent efforts by Fontainebleau to convince Wynn employees to switch sides.

The ongoing lawsuit later escalated with the submission of a response from Fontainebleau, including correspondence between the CEOs of both companies, revealing discussions about alleged attempts by Fontainebleau to attract Wynn executives. 

Executive’s Involvement Shapes Wynn-Fountainebleau Legal Battle

One such employee mentioned in the Wynn Las Vegas filing is Wayne Crane, a senior executive director of entertainment for Wynn Nightlife. According to the motion, Crane, who had been with Wynn for over a decade, was approached by Michael Waltman, senior vice president of nightlife at Fontainebleau. Waltman allegedly suggested Crane was undervalued at Wynn and discussed potential opportunities at Fontainebleau, including a significant salary increase.

Crane, although content at Wynn, expressed openness to new prospects, particularly if accompanied by a substantial pay raise. Fontainebleau reportedly offered Crane nearly double his current salary and proposed a workaround for the noncompete clause by assigning him to their Miami branch while allowing him to oversee operations in both Miami and Las Vegas from Nevada.

Crane eventually accepted Wynn’s counteroffer of a new three-year contract with substantially increased pay. This turn of events underscores the intensifying competition for talent in the Las Vegas hospitality industry.

While noncompete clauses are not prohibited in Nevada, legal experts speculate on whether this lawsuit might prompt a reevaluation of such contractual agreements in the state.Judge Mark Denton of Clark County’s business court is expected to rule on Wynn’s request for a preliminary injunction within the next month, marking a pivotal moment in this legal battle between two major players in the Las Vegas hospitality sector.

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The Nevada-based, publicly traded corporation that develops and operates high-end hotels and casinos, Wynn Resorts, has offered additional details of its bold plans for a $12 billion casino development project.

Wynn Resorts has recently released the renderings of the upcoming complex that will be located at Hudson Yards in New York City. 

A 5.6-Acre Recreational Area

The project, proposed as part of a partnership real estate firm Related Companies, also features a series of office spaces, bars, a residential building, and a generous 5.6-acre park that will be used as a neighborhood recreational area.

Wynn Resorts’ chief executive officer, Craig Billings, explained that Wynn New York City would “attract luxury and aspirational travelers” to their destination resort in Hudson Yards.

He argued that Wynn guests usually spend more while traveling, thus generating higher tax revenue for the city and state and more spending in the local community while lowering the foot traffic compared to other resorts.

Additionally, the new resort could create as many as 40,000 open employment positions, roughly 35,000 in construction, and 5,000 permanent positions within the facility.

If it would have been awarded a license, the resort would need to cover a license fee of $500 million.

In February, Wynn Resorts announced it boosted its Las Vegas Resort fees for guests from $45 to $50.

Strong Competitors on the Horizon

While the facility looks promising, it has a few strong competitors over the three available licenses for downstate casinos provided by the New York State Gaming Commission. 

For instance, in 2023, New York Mets’ owner, Steve Cohen, also spoke about their plans to build a similar 50-acre development that would surround Citi Field in Queens. 

Metropolitan Park, which is the project’s name, would incorporate conference spaces, restaurants, and a Hard Rock hotel featuring gaming and live music.

The project would generate around 15,000 new jobs for the people of New York. 

Resorts World is also busy improving user experience amid the fierce competition. Its Queens casino has revealed a redevelopment plan valued at $5 billion that would change the venue into a “world-class” resort for entertainment purposes. 

At the moment, Resorts World New York City only provides slots and horse racing.

The promising project would include a performance space, a series of shops, 1,600 brand-new hotel rooms, and a casino inspired by the Las Vegas gaming market. 

The fate of the project will be eventually settled by Resorts World’s capacity to get one of the three licenses. 

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In a move that will affect the wallets of travelers, Wynn Resorts has announced an increase in resort fees for its Las Vegas properties. 

Wynn Resorts Raises Las Vegas Resort Fees from $45 to $50

Effective January 24, 2024, the daily resort fee has been raised to $50 plus tax for reservations made on or after that date, reported The Las Vegas Review-Journal. Prior bookings, however, will retain the previous rate of $45 plus tax per day.

Resort fees, which have become a common practice among Las Vegas establishments, encompass a range of services and amenities intended to enhance guests’ experiences. At Wynn Resorts, these fees entitle guests to various perks including in-room Wi-Fi, access to fitness centers and pools, spa reservations, golf tee times, and access to digital newsstands. Additionally, guests can enjoy the convenience of Alexa in-room entertainment services and room controls.

The decision to raise resort fees comes amidst a backdrop of fluctuating hotel rates in Las Vegas. In fact, on the eve of Super Bowl Sunday, hotel room rates in the city plummeted by an estimated 35%, signaling potential shifts in the hospitality industry.

While the fee increase may pose a concern for budget-conscious travelers, Wynn Resorts aims to maintain the quality and range of amenities offered to its guests. The company’s commitment to providing exceptional service remains steadfast, even as economic factors influence pricing structures.

As visitors plan their stays in Las Vegas, they may need to factor in these adjusted resort fees when budgeting for their trips. 

MGM Resorts Takes the Lead as Las Vegas Resort Fees Rise

In January, MGM Resorts also upped resort fees at its Las Vegas properties, with rates hitting $50 at Bellagio, Aria, Vdara, MGM Grand, and Cosmopolitan. The increases, effective since January 16, 2024, amount to $2-3 per day across the board. 

Resort fees, often seen as hidden charges, serve to maintain lower official room rates for better online rankings and reduced commissions. Amidst post-pandemic adjustments and increased competition, Las Vegas resorts are strategizing to balance supply and demand. 

At the beginning of February, President Joe Biden visited Las Vegas, vowing to eliminate hidden junk fees, including resort fees, that inflate accommodation costs for US citizens. These fees often surprise travelers, affecting vacation budgets. 

Biden expressed his intent to combat such practices on social media, stressing their impact on hardworking families. Although specifics on eradication methods remain undisclosed, Biden’s commitment to lower costs echoes previous promises. He previously targeted deceptive pricing and pledged to crackdown on junk fees. 

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Wynn Resorts, the global hospitality, entertainment and gaming company, secured a first-time BB- rating from Fitch Ratings, the leading provider of credit ratings, commentary and research for global capital markets. Announcement about the rating and the stable outlook, applicable for the gaming company along with its related companies, came Tuesday.

Per the leading credit research company, Wynn currently holds a strong portfolio of gaming assets and its recent performance points to further near and long-term growth. Fitch acknowledged the strong performance of the gaming and entertainment company in strategic markets, including Macau and Las Vegas.

Besides strong performance, the provider of credit ratings highlighted Wynn’s future growth drivers such as upcoming investments that can boost its revenue in Macau. The company is set to invest some $2.2 billion over the next decade in Macau, strengthening its offering, a move that may boost its gross gaming revenue. On the other hand, Wynn also plans improvements for its Las Vegas properties throughout this year and in 2025, strengthening further its position in Sin City, Fitch confirmed.

Another strong future growth driver is expected to be the company’s project in the United Arab Emirates. Currently, Wynn holds 40% of the ownership of the project, a massive resort development in Ras Al Khaimah that is expected to have a resounding long-term positive impact on the company.

“The ratings reflect the high-quality portfolio of its gaming assets, the expected improvement in Macau’s gaming market in terms of visitation and gaming activity that is expected to drive further improvement in credit metrics, strong results in Las Vegas, and robust liquidity that should fund near-term capital projects and could lead to further debt reduction,“

reads a statement released by Fitch Ratings

The Company Performed Well in Macau, Las Vegas

According to Fitch, Wynn enjoyed a strong performance in Las Vegas, considering the residing impact of the pandemic. Its high reputation in combination with quality properties enabled the company to attract “a more affluent customer,” and charge higher prices without a negative impact on its occupancies, wrote Fitch.

Although speculations suggest that the pent-up demand will weaken, resulting in a decline in gaming revenues, the credit ratings company explained that this could be offset by an increase in the number of convention customers. Fitch did acknowledge the positive impact of sports events and the recent opening of The Sphere on Wynn’s Las Vegas properties.

Across the ocean, in Macau, Fitch acknowledged the strong recovery of Wynn’s gaming revenues. This recovery also impacted positively on the company’s credit rating. Considering that visitation and gaming revenues are still yet to surpass the 2019 levels, Fitch predicted further growth for Wynn in Macau and strong results in the near term.

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The Wynn Las Vegas patron’s family is now stepping in to demand what they insist is justice. In their allegations, the family of Billie Sakkab, 74, insists that there was a lack of proper intervention on behalf of the casino. A lawsuit has been filed with the Clark County District Court, with the family represented by Christian Morris Trial Attorneys.

Unfortunate Accident at Wynn Sets Family on Quest for Truth

Sakkab was playing slots on her own during Wynn’s Super Bowl on February 13, 2022, when she went into cardiac arrest. The plaintiffs allege that Wynn employees were not sufficiently trained nor intervened in time to prevent the occurrence with a portable automated external defibrillator.

Las Vegas Review-Journal, which obtained a copy of the lawsuit and did the original reporting, confirms that the plaintiffs allege a number of oversights on the part of the resort, including negligent hiring, training, retention, and supervision. The lawsuit alleges negligent security, gross negligence, and not least wrongful death.

Sakkab passed out at the slot machines, with the plaintiffs arguing that none of the Wynn employees were able to assess her situation and intervene to save her life, pointing to the lack of sufficient training.

Wynn did not prepare adequately for such medical emergencies, and the lawsuit added, ignored the fact that there would be an increased guest presence on the gaming floor, which could lead to an emergency of this sort.

Wynn Resorts employees only called 911 at 5:54 pm, although it’s not immediately clear when Sakkab passed away in the first place. It took six minutes for the Clark County Fire Department and another nine minutes for the Medic West ambulance to arrive on-site.

Sakkab, however, died at 6:47 pm. The lawsuit is spearheaded by a number of family members, including Sakkab’s widower, Nabil Y. Sakkab Sr., as well as Nabil Sakkab, Nabil Sakkab Jr. and Tiffany Pond.

A Wynn spokesperson was cited by the Review-Journal, with the person saying that Wynn would present the facts about the unfortunate accident and ensure transparency in the matter.

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Wynn Resorts, a leading global hospitality and entertainment company, announced stellar financial results for the third quarter ended September 30, 2023. 

CEO Craig Billings Applauds Wynn Resorts’ Q3 Success and Diverse Portfolio Strength

The company reported operating revenues of $1.67 billion, marking a significant increase of $782.2 million compared to the same period in 2022. Net loss attributable to Wynn Resorts was $116.7 million for Q3 2023, an improvement from the net loss of $142.9 million in Q3 2022.

Wynn Resorts CEO, Craig Billings, expressed satisfaction with the results, emphasizing the ongoing strength across the company’s property portfolio. He attributed the success to outstanding performances at Wynn Las Vegas and Encore Boston Harbor, which achieved a new third-quarter record for Adjusted Property EBITDAR at their combined North American properties.

Billings also highlighted the positive developments in Macau, where the recovery showed progress in mass gaming, luxury retail, and hotel businesses.  The breakdown of operating revenues showed increases at Wynn Palace, Wynn Macau, Las Vegas Operations, and Wynn Interactive, while Encore Boston Harbor experienced a slight decrease compared to Q3 2022. 

Wynn Resorts Navigates UAE Regulations, Progressing Toward 2027 Opening

Looking at the company’s financial position, Wynn Resorts reported cash and cash equivalents of $2.79 billion as of September 30, 2023, and total current and long-term debt outstanding of $11.79 billion. Wynn Resorts also declared a cash dividend of $0.25 per share.

In addition to the financial results, Wynn Resorts discussed its ongoing projects, including the construction of Wynn Al Marjan Island in the UAE. CEO Craig Billings mentioned that regulatory developments in the UAE suggest that Wynn Resorts might face minimal competition in the initial years after the resort’s opening in 2027. He anticipated a possible duopoly or oligopoly with one or two competitors emerging in the market later.

The company is closely monitoring the regulatory environment in the UAE, where former MGM CEO Jim Murren has been named chairman of the gaming authority. The licensing process is progressing, providing clarity for financing sources and allowing Wynn Resorts to move forward with construction financing.

According to JPMorgan analysts, Dubai’s General Commercial Gaming Regulatory Authority (GCGRA) may expedite the introduction of gambling laws, anticipating swift progress for the Wynn Resorts project. While MGM Resorts International eyes a potential non-gaming property in Dubai initially, Wynn Resorts aims to secure a prominent position in the lucrative Middle East market by 2027.

Despite the positive financial results and promising future developments, Wynn Resorts’ stock experienced a 5% decline in after-hours trading. Investors are likely reacting to broader market dynamics and considerations beyond the Q3 performance.

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In a victory for Las Vegas hospitality workers, the Culinary Workers Union announced a groundbreaking tentative deal with Caesars Entertainment, potentially averting a city-wide strike. 

Historic Caesars Deal Ushers in New Era of Workers’ Rights in Las Vegas

The deal, described as “historic” by union leaders, includes substantial wage increases in the first year, along with enhanced healthcare and pension benefits. One of the most noteworthy aspects of the agreement is the reduction in workload for housekeepers, marking the first such change in three decades. Additionally, the union successfully negotiated language enabling them to support non-union workers on the Las Vegas Strip, a move seen as a crucial win for workers’ rights.

The news of the Caesars deal has sent ripples of hope through the city, with many workers celebrating the breakthrough. However, the threat of a strike still looms large as negotiations with MGM Resorts International and Wynn Resorts remain unresolved. If agreements are not reached by the looming deadline on November 10, nine casino resorts employing 25,000 workers could be affected, posing a significant challenge to the city’s bustling tourism industry.

MGM has expressed optimism about reaching an agreement and has promised the largest pay increase in its history of contracts with the unions. However, the financial implications of these agreements are substantial, with every 1% increase in wages translating to millions in additional labor costs for the casino operators.

Las Vegas Workers Set Example Amidst National Labor Movement

The Culinary and Bartender unions have been engaged in talks with the casinos for seven months, with 95% of their members voting to authorize a city-wide strike in September. The negotiations have been emblematic of the larger trend in the United States, where unions are pressing employers for better pay and benefits amid a shortage of workers.

As Las Vegas prepares for high-profile events like the Formula 1 Las Vegas Grand Prix, the outcome of these negotiations will not only impact the livelihoods of thousands of workers but also the city’s bustling tourism sector. The resilience and determination of the workers have become a testament to the collective strength of the labor movement. 

Tiffany Thomas, a guest room attendant at Mandalay Bay Resort & Casino and a member of the Culinary Union for 17 years, expressed her determination, saying: “I am willing to go on strike because I have a 10-year-old daughter who comes to negotiations with me and she is going to inherit all of this. I refuse to sit back and watch what we’ve built crumble. I want my daughter to look at me and know I fought for a better future.”

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Casino and hospitality company Wynn Macau was planning to host a spectacular K-pop festival, promising visitors a lot of musical enjoyment. Unfortunately, the event had to be suddenly called off, prompting disgruntlement among fans.

The so-called HallyuPopFest Macau 2023 was set to take place on October 21 and October 22 and welcome some of the biggest K-pop stars in the world. The program included performances from a variety of K-pop celebrities and groups, including Cherry Bullet, H1-Key, Hyolyn, NCT Dream, NINE to SIX, Omega X, Sam Kim, SHINee KARD and Verivery.

Yesterday, however, Wynn Macau announced that the event had been canceled, triggering an immediate response from the unhappy fans. Adding insult to injury, the casino company is yet to provide an explanation for its decision to call the event off.

In addition to the disappointment, many K-pop fans who had already planned journeys to Macau, booking hotels and air tickets, expressed their concern about the cancelation and possible refund arrangements.

Fans Are Outraged

While Wynn Macau did not disclose why it has called off the event, it promised that fans will receive full refunds for their tickets for the event. Despite that, K-pop fans all over the internet noted that not all of the reservations can be refunded.

Fans who have purchased tickets via our official ticketing platform will receive a full refund through the original mode of payment in line with the ticketing platforms procedures. Please contact [email protected] OR www.damai.cn for further refund enquiries.

Wynn Macau statement

Some who have already booked hotels and airplane tickets, for example, will not be able to get their money back. As a result, angry fans warned that they would try to inform Macau’s tourism authorities about the situation.

Wynn Macau later addressed the backlash, confirming that, unfortunately, it would be unable to issue refunds for hotel reservations and airplane tickets.

The concert was one of the highlights of Macau’s tourism program for 2023 and was expected to help the special administrative region recover from the devastating aftermath of the COVID-19 pandemic. The virus and China’s notorious Zero-COVID policy have caused the region’s tourism and gambling industries to lose billions of dollars.

While Macau is expected to continue its recovery, the cancelation of the HallyuPopFest Macau 2023 will likely be a setback for the region.

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Wynn Resorts, a prominent player in the global hospitality and gaming industry, released its second-quarter financial results, showcasing robust growth in both North America and Macau. 

Wynn Resorts Reports Strong Revenue Surge and Resilience in Macau Market

The company reported operating revenues of $1.60 billion for the second quarter ended June 30, 2023, marking a substantial increase of $687 million compared to the same period in 2022.

CEO of Wynn Resorts, Craig Billings, expressed enthusiasm for the remarkable results. He highlighted the strong performance of Wynn Las Vegas and Encore Boston Harbor in the United States, which contributed to a new second-quarter record for Adjusted Property EBITDAR at their combined North American properties. Additionally, the recovery in Macau’s market after the pandemic was accelerated, with notable growth in the mass gaming, luxury retail, and hotel sectors.

The company reported net income attributable to Wynn Resorts of $105.2 million for the second quarter of 2023, a significant turnaround from a net loss of $130.1 million in the second quarter of 2022. Diluted net income per share for the same period was $0.84, compared to a diluted net loss per share of $1.14 in the previous year.

In Q2 2023, Wynn Palace‘s revenues rose to $468.4 million from $58.7 million last year, with VIP table games at 4.24% turnover. Wynn Macau‘s revenues increased to $301.6 million from $58.6 million, with VIP table games at 4.16% turnover, and both properties saw improved mass market table game performance.

In Q2 2023, Las Vegas Operations revenue reached $578.1 million, up by $17.0 million from last year, with a 22.9% table games win percentage. Encore Boston Harbor‘s Q2 2023 revenue was $221.9 million, a rise of $11.8 million, and its table games win percentage was 22.3%, exceeding the expected range.

Wynn Resorts Embarks on $3.9 Billion UAE Resort Venture for Future Growth

Billings also took the opportunity to announce the commencement of construction on Wynn Al Marjan Island, an ambitious integrated beachfront resort in Ras Al Khaimah, United Arab Emirates (UAE). The project, a collaboration with local partners Marjan LLC and RAK Hospitality Holding LLC, is expected to transform the region into a must-visit tourism destination. 

The $3.9 billion development is modeled after Wynn’s Las Vegas properties, emphasizing non-gaming amenities, and is scheduled to open in 2027.

Despite global uncertainties, Wynn Resorts remains optimistic about its future growth prospects. The company’s diversified portfolio, including Wynn Las Vegas, Encore Boston Harbor, and properties in Macau, positions it well to capitalize on various market trends. Investors responded positively to the results, with the company’s stock price rising by 1.12% in after-hours trading. Wynn Resorts’ solid second-quarter performance indicates its resilience and strategic focus, positioning it to navigate the evolving dynamics of the global hospitality and gaming industry.

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Steve Wynn, the former CEO of Wynn Resorts, has agreed to pay a fine of $10 million to settle his outstanding trouble in Nevada. In addition, the mogul will leave Nevada gaming for good.

Mr Wynn has been in hot water in the state after he was accused of sexual abuse and misconduct against female employees in 2019. At the time, Wynn served as chairman of the company.

As a result of the allegations, Wynn was deemed unsuitable to hold a gaming license in the state. In his new settlement, he agrees to never be involved in Nevada’s gaming industry. This means that he will never serve as an officer or executive with a Nevada gaming company. However, he will not be disallowed to have passive ownership of less than 5% of any licensed gaming company.

Wynn signed the agreement this Monday. If the Nevada Gaming Control Board signs off the settlement, this would mark the end of the four-year conflict. The authority is expected to make its decision next week.

Representatives of the two parties declined to comment on the matter before the commission makes its final decision. Despite that, Kirk Hendrick, chair of the Nevada Gaming Control Board signed the settlement.

Wynn’s Alleged Misconduct Caused His Company a Lot of Trouble

In 2018, Steve Wynn sold his Wynn Resorts stock, resigned from his position as CEO and gave up on his gambling license. Because of that, he claimed that gaming authorities should not have power over him. In addition, the real-estate developer continues to deny the allegations.

In 2020, a judge agreed that Wynn should be outside of the control board’s jurisdiction. However, the regulator succeeded in appealing the decision in 2022.

Now, despite his denial of the accusations, Wynn has agreed to forfeit his right to a public hearing and pay a $10 million settlement. However, even if the Gaming Control Board agrees to sign the settlement, he will still be subject to disciplinary action, should he breach the terms.

In addition to the action against Steve Wynn, the Nevada regulator previously reprimanded Wynn Resorts over its failure to report, investigate or prevent Wynn’s misconduct. As a result, the company was forced to pay a $20 million fine. The allegations also led to the company paying a $35 million fine in Massachusetts.

Following Wynn’s leave, the company introduced changes to its policies in the hope of weeding out harassment from its corporate culture.

In other news, the US government appealed a decision that exonerated Wynn from foreign agent allegations.

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