Wynn Appoints Max Tappeiner as Wynn Al Marjan President
Wynn Resorts has designated Max Tappeiner as the president of its Wynn Al Marjan Island property. Tappeiner, who is set to step into the office on September 1, 2024, will stand at the helm of the new resort, overseeing the company’s foray into the United Arab Emirates.
Tappeiner Replaces Schoen
In his new position, Tappeiner is set to replace the outgoing Thomas Schoen who was named as Wynn Al Marjan’s president in 2023. Wynn did not confirm whether the latter man would be leaving the company or moving to a different function.
Tappeiner is a long-term employee who has served Wynn Resorts in a variety of capacities. Prior to his current appointment, the appointee was SVP and EVP of operations for Wynn Las Vegas – a position he has held since 2022.
An experienced gambling industry veteran, Tappeiner has also held senior leadership positions at Resorts World, Venetian and Palazzo.
Before his foray into the world of gambling, the new Wynn Al Marjan president served a variety of luxury businesses. His corporate experience will underpin Wynn’s efforts to create an attractive casino resort in the UAE.
Tappeiner Is Looking Forward to Leading the Team
In an official statement on LinkedIn, Tappeiner commented on his new appointment, thanking CEO Craig Billings for providing him with such an opportunity. The former man said that he feels both grateful and humbled to join the Wynn Al Marjan Island team as its new president.
I’m looking forward to this exciting journey as we expand to a new territory as the first gaming operator in the UAE.
Max Tappeiner, president, Wynn Al Marjan Island
Wynn Al Marjan Island, for context, is set to open its doors in 2027. Located in Ras Al Khaimah, the property hopes to be the first integrated resort in the UAE. The resort will offer some 1,500 hotel rooms, suites and villas, as well as multiple entertainment options. Most importantly, Wynn hopes to offer gaming, capitalizing on the UAE’s softening position toward the gaming sector.
With virtually no competition as of yet, Wynn Al Marjan Island could generate as much as $1.4 billion in annual gross gaming revenue, according to estimates.
Wynn recently posted its Q2 results, highlighting record-breaking financials. The company remains bullish on grabbing opportunities in emerging markets and solidifying its position as a global casino and hospitality powerhouse.
Analyst Cautious on Decelerating Trends for Remainder of 2024
An expert analyst disclosed details regarding the current state of gaming and betting markets in the US and Macau, highlighting a decrease in customer spending is expected throughout the second half of the year.
The expert analysis came from J.P. Morgan analyst, Joseph Greff, who was recently quoted by CDC Gaming and commented on important recent developments in the gambling sector. He also shared a prediction regarding H2 of 2024.
In a note to investors, Greff cited “decelerating trends as consumer spending and macro economy slow.” According to the expert, the aforementioned factors, in combination with other developments that affect the gaming and betting markets resulted in lower expectations for the rest of the year.
Macroeconomic and Geopolitical Concerns Impact Macau
Greff explained that a “negative sentiment” is observed for the gaming vertical in the US where expectations are low but the impact on Macau is expected to be worse. This prediction comes in the context of geopolitical and macroeconomic concerns between Macau and China.
On the bright side, Greff explained that EBITDAR for the Las Vegas Strip during the second quarter “largely beat consensus estimates on better non-gaming spend, as table games drop and slot handle were flat to down year over year.” Still, J.P. Morgan’s analyst explained that the expectations for Las Vegas Strip operators have come down due to expected consumer slowdowns and soft sales for the upcoming F1 race, as hinted by MGM Resorts.
The expert spoke about several leading operators. In addition to MGM Resorts, Greff mentioned Caesars and Red Rock Resorts. “We like MGM and Caesars for their Las Vegas Strip exposure and undemanding valuations, with MGM sporting an attractive and unpriced growth pipeline, while Caesars has underappreciated free-cash-flow generation and ability to de-lever, with iCasino profitability inflection and asset monetization continuing,” he explained.
Focusing on Red Rock, Greff pointed to the operator’s stable growth. He acknowledged the positive momentum the company gained with its Durango Casino and Resort, as well as “favorable Las Vegas locals market dynamics, and recent insider share purchases.”
