Ian Coughlan has been appointed the new president of Wynn Macau, taking the position previously held by Gamal Aziz, who resigned, the Las Vegas-based company said in a filing.
Coughlan will be responsible for all operations and development at the new $4.2 billion Wynn Palace, which opened August 22 on the Cotai Strip, as well as Wynn Macau.
Coughlan joined Wynn Macau in January 2007, bringing more than 30 years of hospitality experience with leading hotels across Asia, Europe and the United States, according to Bloomberg News. Before joining Wynn Resorts Ltd., he spent 10 years with the Peninsula Group, serving as a general manager of Peninsula Hong Kong from September 2004 to January 2007, reported the Macau Daily Times.
Aziz, who worked from Wynn Resorts from 2007 until September 2016 and spearheaded the development of the lavish new Wynn Palace, resigned to “pursue other opportunities,” according to some media outlets. But Nomura Securities analyst Harry Curtis said his “departure should be an indication that the post-opening ramp of the Palace has been disappointing. It will take a long time to build a mass presence at the Palace, which was built more for premium players.”
Sources in Macau said the property only last week set up shuttle busses from neighboring casinos. Wynn Palace is a long walk from the Cotai Strip and not on the way to anything else.
News of his resignation sent Wynn Resorts stock down as much as 5.8 percent, the biggest intraday decline since August 24, reported Bloomberg.
The Palace opened following a two-year recession in Macau, but the industry slump finally seems to be turning around. Gaming revenues rose 1.1 percent in August and 7.4 percent in September.
Nomura’s Curtis says that when Macau’s new light rail system begins, which includes a station at Wynn Palace, the property could achieve a 10 percent return on invested capital, though he expects mid-single-digit gains to start.
