Wynn Resorts CEO Matthew Maddox told CNBC on Thursday the casino operator had seen an immediate surge in reservations from British travelers after the White House announced it was easing restrictions on vaccinated foreign visitors.
“It wasn’t until this week, when it became known that you could come to the US with a vaccination, that UK reservations went from effectively zero to hundreds a day. People want to come to Las Vegas and have a good time. ”Maddox said in an interview with Jim Cramer to“ Mad Money ”.
Maddox’s comments provide some insight into the pent-up demand for non-citizens, whose access to the US has been largely restricted since March 2020, when former President Donald Trump imposed sweeping travel restrictions in response to the coronavirus pandemic.
The changes to the Biden government, which the aviation industry has been demanding for months, are due to come into effect at the beginning of November. In addition to proof of vaccination, a negative Covid test is also required within three days of leaving the USA.
The return of overseas visitors will help Wynn’s already booming U.S. business, Maddox said.
“I’ve been with Wynn for 20 years and … we’ve never seen the kind of business we see now in Las Vegas and Boston,” he said. “It’s extraordinary and we’re seeing it without international travel.”
Wynn shares have been under pressure in the past few days since the authorities of China’s Macau Special Administrative Region launched a 45-day public consultation on their large gambling industry. The prospect of tighter regulation frightened investors in Wynn and other casino operators who count on Macau revenue, such as Las Vegas Sands and Melco Resorts.
Maddox expressed confidence about the situation in Macau.
“We employ 15,000 people there. We are good corporate citizens and I have a very, very optimistic view of the future of Macau and what we will see in the future,” said Maddox. “I think what is happening in Macau is not a punishment, it is practical. You are moving into a really highly regulated environment, just like what we are seeing here in the United States,” he added.