Wynn’s 2022 Vegas Convention Business Looks ‘Really Strong’: CEO

Large-group Las Vegas bookings are “holding on and looking actually quite strong for the back half of the year,” said Wynn Resorts CEO Matt Maddox on a Q1 earnings call Monday. “Just last week, we hosted our first large group of 600 people, and it went off without a hitch,” he said. Large gatherings are “so happy to be back,” said Maddox. “Conventions work.” Wynn’s 2022 Las Vegas convention business looks “really strong,” he said. “We've got so much to look forward to in 2022,” said Wynn Las Vegas President Marilyn Spiegel. CES 2022 is scheduled to return Jan. 5-8 as a physical show at the Las Vegas Convention Center; CES 2021 was all-virtual. Hotel occupancy rates at the Wynn and Encore exceeded 90% the first weekend in May, said Spiegel. Weekend occupancy is expected to stay that way at least through May, she said. Midweek stays are “about 20 points less than that,” and that's “obviously the lack of the group business,” she said. There are “very encouraging trends” in Las Vegas, said Maddox. “March Madness was when the volumes began to pick up” in Q1, “and that has accelerated,” he said. April retail revenue at Wynn properties was “the second best month on record,” he said.