Wynn Resorts Ltd. postponing a rebuilding project on its Encore Las Vegas property due to potentially costly effects of customs, said the company’s highest executive Tuesday.
Craig Billings, CEO of Wynn Resorts, said that during the company’s income conference for the first quarter that $ 375 million in projects would be delayed, but that operational expenses affected by customs would be “low and completely manageable.”
Most of these operational expenses, he said, involve food and drink and “we work actively through alternative purchases for the most influencing articles.”
But capital expenditure, he said, is another story.
“We had a number of (capital costs) projects during flight in the United States, and although we have stated the projects that have assumed a certain customs impact, the current customs rates have driven us to delay approximately $ 375 million in CAP-Ex projects, including the Encore Tower area,” Billing’s investor told us at the beginning of the conversation.
“When the customs rates have decided, we will thoroughly to Spanish and resource the most affected articles. While we stay smooth, the pace of change is currently just too significant to commit the time of the CAP-Ex.”
This is a developing story. Come back for updates.
Contact Richard N. Velotta at rvelotta@ theplayerlounge.com or 702-477-3893. Follow @rickvelotta at X.
