Posted on: July 6, 2022, 09:56h.
Last updated on: July 6, 2022, 03:47h.
Wynn Macau Limited President Ian Coughlan plans to hand off the reins of Wynn Resort’s Chinese operating unit come March 2023.
Coughlan has been in the Chinese casino enclave nearly since Wynn Resorts ventured there with its 2006 opening of Wynn Macau, a $1.2 billion integrated resort. Coughlan arrived at Wynn Macau in July 2007 after working extensively in hospitality throughout Asia, with stints at numerous luxury brands. These included the Peninsula Group, Ritz Carlton, and Mandarin Oriental Group.
Coughlan has served in an executive capacity at Wynn Macau ever since. But his tenure as president of the casino firm will conclude at the end of business on February 28, 2023.
Ian’s pioneering leadership, which spans the vast majority of our incredibly successful time in Macau, has been impressive and his unrelenting commitment to brand excellence and establishing our deep-rooted culture is equally remarkable,” said Craig Billings, CEO of Las Vegas-based Wynn Resorts.
Coughlan’s tenure oversaw Wynn’s building of Wynn Palace, the company’s more than $4 billion investment on the Cotai Strip.
Coughlan to Stay On
Wynn Macau Ltd. says that come March 1, 2023, the company’s president will be Linda Chen. She is currently vice-chair and chief operating officer of the company.
While Chen will become the chief executive of Wynn Resorts’ Chinese subsidiary, Coughlan has agreed to stay on as an advisor and non-executive director through the end of 2023.
Wynn Resorts owns approximately 72% of the issued shares of Wynn Macau Ltd.
COVID-19 rendered a difficult operating environment for Wynn Macau and the five other licensed casino giants in the Special Administrative Region (SAR). With China and Macau continuing their “zero COVID” policy, and Macau currently battling its largest coronavirus outbreak to date, a meaningful recovery for the region’s gaming industry continues to be postponed.
Wynn Macau Aid
Traded on the Hong Kong Stock Exchange, shares of Wynn Macau have lost much of their value amid the pandemic. Prior to the coronavirus changing the world, Wynn Macau shares were trading around US$25. Today, those shares are less than $6.50 — a 74% loss.
With gaming revenue minimal — Macau casinos winning just $310 million last month — a far cry from the nearly $3 billion the same six operators collectively won in June 2019 — Wynn Resorts is helping its Chinese unit through the ongoing pandemic.
Wynn Resorts last week agreed to loan its Macau operation $500 million on an as-needed basis. The US company additionally decided to cap its licensing agreement at $74.5 million.
Wynn Macau’s branding arrangement with its parent company allows the Chinese unit to use the Wynn brand, as well as its intellectual property, logos and trademarks, and customer databases. That’s in exchange for annual compensation. In years prior, Wynn Macau’s branding agreement cost it around $170 million a year.