PowerPoint Presentation
Wynn Resorts Set to Acquire Crown London
January 2025
Overview of Crown London Aspinalls
- Crown London Aspinalls (“Crown London”) is an iconic high-end casino situated in London’s Mayfair neighborhood with a history dating back to the 1960s.
- Crown London is a private members club catering to both international and local clientele.
20 Tables
1 F&B Establishment
A Small, but Strategic Acquisition for Wynn and its Development in the UAE
Iconic asset in tier one gateway city, establishing Wynn’s presence in London and Europe more broadly.
Synergistic with Wynn Al Marjan Island in the UAE, with opportunity to establish relationships with potential future customers two years ahead of opening.
A small, but extremely high-end clientele that is consistent with the Wynn brand.
Expanding Our Footprint in Europe and the Middle East
Acquisition of Crown London establishes Wynn’s presence in a wealthy part of the world with ~30% of HNWIs located within a 4-hour flight and offers a destination for future Wynn Al Marjan Island customers who already frequent the market.
| 4 hour | 8 hour | |
|---|---|---|
| Population | 705mm | 2.6bn |
| % of World Total | 9% | 32% |
| GDP | $25.4tn | $39.6tn |
| % of World Total | 23% | 36% |
| # High-net-worth individuals | 17.0mm | 23.1mm |
| % of World Total | 29% | 40% |
Wynn Al Marjan Island
| 4 hour | 8 hour | |
|---|---|---|
| Population | 2.4bn | 6.5bn |
| % of World Total | 30% | 81% |
| GDP | $9.9tn | $61.1tn |
| % of World Total | 9% | 56% |
| # High-net-worth individuals | 3.0mm | 28.4mm |
| % of World Total | 5% | 49% |
Supporting Wynn Al Marjan Island, Opening Q1 2027
- Inclusive of land, capitalized interest, and fees.
Wynn Al Marjan Island – A Compelling Development Opportunity
Pristine beachfront location ~50-minutes from Dubai International Airport, putting a Wynn Resort within an 8-Hour flight of 96% of the world’s population. Substantial EBITDA and ROI opportunity expected to drive strong long-term returns for Wynn Resorts' shareholders.
Wynn Al Marjan Island Meaningfully Diversifies Our Business Geographically
Acquisition of Crown London provides early support to Wynn Al Marjan Island, which is expected to contribute meaningfully to our overall EBITDA diversification.
We Expect Wynn Al Marjan Island Will Generate Strong Gaming and Non-Gaming Revenue
- Assumes UAE market size of ~$3 - $5bn.
- Assumes two other competitive integrated resorts operating in the UAE, with Wynn GGR market share of 33% and a "Wynn Premium" of 1.2x GGR fair share based on 11K positions in the market.
- Significant demand for Wynn product offering will drive strong non-gaming revenues, including from nearby resorts.
Substantial Untapped GGR Opportunity in the UAE
Expect Strong Long-Term Returns for WRL Shareholders
| 40% equity ownership in project + management and license fees drives strong long-term returns for WRL shareholders |
|---|
| WRL getting paid for what we know through management and license fees |
| o $160mm in fees at the mid-point of the estimated EBITDA range |
| o Annual minimum fees for the first 5 years post opening provide downside protection for WRL |
• Marjan land bank provides 70+ acres of additional land for potential future development, driving strong return on Wynn’s equity of ~24% at the mid-point.
| Steady State | |||
|---|---|---|---|
| ($ in millions) | Low | Base | High |
| Net Revenue | $1,375 | $1,625 | $1,875 |
| Adj. Property EBITDAM | $500 | $625 | $800 |
| (-) Mgmt. and License Fees to WRL | (110) | (160) | (230) |
| % of Net Revenue | 8.0% | 9.9% | 12.3% |
| Adj. Property EBITDA(1) | $390 | $465 | $570 |
| Free Cash Flow | $170 | $245 | $350 |
| (x)Wynn Ownership | 40.0% | 40.0% | 40.0% |
| Wynn Share of Free Cash Flow | $70 | $100 | $140 |
Construction Progress Update
Construction is progressing on schedule, currently through the 31st floor of the tower.
Note: As of 1/6/2025.