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RPT-UPDATE 2-Wynn sees some stabilization in Las Vegas

Tue Apr 28, 2009 11:12pm IST
 
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* Wynn says Vegas booking window has widened

* Wynn says no immediate acquisition plans

* Wynn Resorts shares decline 1.2 pct (Adds comments, background, byline)

By Deena Beasley

LOS ANGELES, April 28 (Reuters) - Steve Wynn, chairman and chief executive at Wynn Resorts Ltd, (WYNN.O: Quote, Profile, Research) sees "a little bit of stabilization" in Las Vegas, where the global recession has pushed revenue down about 20 percent.

Speaking on Tuesday at the Milken Institute Global Conference, Wynn said visitors to Las Vegas were still spending less and room rates were lower, but the percentage of occupied hotel rooms was back up in the 90s.

"The booking window has gotten longer. It had shortened radically," he said. "I see Las Vegas continuing to be a resort destination for the world."

In December, Wynn Resorts opened the $2.3 billion, 2,000-room Encore, adjacent to Wynn Las Vegas, the company's first luxury casino hotel on the Las Vegas Strip. Wynn Resorts also owns and operates a casino resort in China's Macau.

"There has been a stop to the drop. It could resume, but it was going the other way in September, October, November, December, January, February and March," Wynn said.  Continued...

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