Wynn praised for Crown London buy strategy

Home » Wynn praised for Crown London buy strategy

Posted: Jan 13, 2025, 03:37 pm.

Last updated: January 13, 2025, 03:37 pm.

Last week, Wynn Resorts (NASDAQ: WYNN) announced the acquisition of Crown London, a small, private casino in the Mayfair district, and although it's not the typical property-level purchase executed by American Gaming Value, the deal has merit. .

crown london
Crown London, a private casino. One analyst praised the purchase of the venue by Wynn Resorts. (Image: Crown London)

In a recent report to clients, CBRE Equity Research analyst John DeCree acknowledged that the casino formerly known as Aspinalls does not generate material cash flow and that London's VIP casino market has been at its lowest since the start of the coronavirus pandemic five years ago. Is staggering. The reasoning behind the Wynn deal.

“We view this as a very strategic purchase for Wynn,” he said. Aspinalls serves very high-end VIP gaming clients in London as well as internationally including Asia, India and the Middle East, making this a very unique customer acquisition tool for Wynn Al Marjan Island,' 'Decree wrote.

Financial terms of the transaction, which is expected to close in the second half of this year, were not disclosed. Located in the Mayfair district of London, Crown is a members-only casino founded by John Aspinall. Australia-based Crown Resorts acquired the venue in 2011.

Crown London buy bolsters Wynn's UAE debut

While the Crown London deal isn't ideal for a US casino operator, the purchase could pay dividends for Wynn as it looks towards the opening of its United Arab Emirates (UAE) integrated resort in early 2027. CEO Craig Billings also acknowledged this.

“This acquisition of an iconic property provides us with a presence in a global gateway city and for Wynn guests to visit our resorts, particularly Wynn Al Marjan Island, which is scheduled to open in the first quarter of 2027 in Ras Al Khaimah Will create a groove to do. United Arab Emirates,” he said in a statement.

Decree agrees that Crown London could be an important asset for Wynn in terms of increasing brand awareness among customers who would be apt to travel to the UAE, including Indian punters – a demographic that is less likely to travel to Macau than Macau. Traveling to the UAE may prove more likely.

“Aspinalls hosts a regular Bollywood night, and India is one of the top feeder markets for tourism to the UAE. “This acquisition provides Wynn with a flag in a gateway city, which will help build the global database and boost Wynn’s brand power in the region ahead of a blockbuster debut in the UAE,” Decry said.

Support counts for Wynn UAE casino

With Wynn Al Marjan Island expected to open in about two years and the hotel tower on the project scheduled to top out by the end of 2025, the first casino resort project in the history of the Arab world could propel Wynn shares this year. Goes along.

However, some analysts argue that to date, the investment community has not priced in the UAE opportunity set in Wynn shares. This underlines the importance of leveraging the Crown London acquisition to increase traffic to the UAE casino hotel resort once it opens. Another implication could be that investors are missing out because according to some estimates, the UAE could be the fourth largest gaming market in the world when fully expanded. For its part, CBRE's Decree sees value in the purchase of Crown London as a marketing tool for Wynn.

The analyst concluded, “Importantly, this is a high-end gaming property with high-intent customers, making it a more thoughtful customer acquisition channel relative to a branded hotel strategy or partnership.”

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