Wynn Palace starts accepting bookings from August 23

The 1,076 rooms and suites at Wynn Resorts Ltd’s (WYNN) new Cotai gaming resort, Wynn Palace, are now available for bookings from August 23, according to the resort’s website. WYNN had announced its new US$4.1 billion (MOP32.7 billion) 28-storey hotel would open in the third quarter of 2016 and it seems at least that visitors now have a date for possible room bookings.
However Brokerage Union Gaming Securities Asia Ltd. believes that the hotel might not yet be ‘where it wants to be in terms of operating labor’ due to pending additional work permits for foreign labor, and that upon opening, the whole room capacity will not be available.
Yesterday at 5pm, the hotel website showed room rates per night for the four available room categories on the first weekend after the Wynn Palace opening were MOP3,283 for a Palace King Room, MOP5,961 for the Fountain Suite King, MOP5,961 for the Parlor Suite and MOP31,918 for the Fountain Parlor Suite. According to data from the Macao Government Tourism Office (MGTO), average room rates in 5-star hotels stood at MOP1,899 in April, down 13.3 per cent from last year, while in a report last week, Wells Fargo predicted average room rates for Wynn Macau in August would be around MOP1,824, a decrease of 3.7 per cent year-on-year.
Union Gaming also stated it is ‘keenly focused’ on the opening of Wynn Palace and the Parisian Macao, predicted for the third week of September, considering the two properties to be the ‘most likely to be able to grow the market.’