The first blip in operations hit the newly opened Wynn Palace last week when Gamal Aziz resigned as president and executive director. Aziz was hired by Wynn in 2010 just months after stepping down as the leader of MGM’s hospitality for a dozen years.
“Earlier today, Mr. Gamal Aziz resigned his post as president of Wynn Macau Ltd. Mr. Aziz was brought in to lead the development and successful opening of Wynn Palace Cotai,” said a company press release. “Having completed that assignment, Mr. Aziz resigned with the thanks of the board of directors, which expressed its gratitude to Mr. Aziz for his significant contributions to the company.”
Harry Curtis, a gaming analyst for Nomura, says the resignation is an indication that the August opening of Wynn Palace has been “disappointing.”
“We continue to expect downward pressure on collective EBITDA estimates for WYNN Macau,” Curtis said. “In our view, it will take a long time to build a mass presence at the Palace, which was built more for premium players. Eventually, once the light rail system is operational, the Palace could achieve a 10 percent ROIC, but, in our view, the initial returns should be closer to mid-single digits.”
Sources tell GGB News that Aziz failed to work with Coughlan before the opening and refused to take his counsel after the property opened, even with Coughlan’s extensive experience in Macau.
