Texas Capital Securities has named Macau growth projects at Wynn Resorts and Melco Resorts & Entertainment as possible drivers for both casino operators. Analyst David Bain pointed in October 2026 to the planned Enclave tower at Wynn Palace and the opening of REM at City of Dreams Macau, alongside entertainment and international projects.
Wynn Palace growth projects in Macau
Bain’s assessment of Wynn Resorts followed a meeting with company representatives earlier in October. According to the brokerage, Wynn Resorts still regards Macau as a solid market with strong investment potential, even after recent weakness in the city’s casino gross gaming revenue (GGR).
Texas Capital listed the Enclave hotel tower planned at Wynn Palace, the group’s Cotai resort, among the projects that could support Wynn’s performance in Macau. Wynn Resorts is also planning a theatre and an events centre at the same property.
The Enclave will be a 432-suite tower with no gaming space, costing an estimated $900m to $950m, according to Wynn’s quarterly filing. Macau’s government approved a revised Wynn Palace land concession dated 16 July, which adds an 8,787 sq m theatre and a 23,738 sq m events centre and gives Wynn 60 months to complete the works, Macau Business reported. Wynn Macau paid an additional land premium of MOP652.3m ($80.7m).
Craig Billings, CEO of Wynn Resorts, told analysts on the Q2 2026 earnings call that the group would start building the theatre and events centre within weeks of receiving the revised land contract, and that work on the Enclave would begin before the end of 2026. He described the projects as “a clear and confident investment in the future of the Macau market”.
The event center and theater are expected to be completed in 2028, and Enclave is expected to be open in 2029.
Craig Billings, CEO, Wynn Resorts, on the Q2 2026 earnings call
Billings put Wynn’s 2026 expansionary capital expenditure in Macau at $350m to $400m, with spending on the new projects this year limited to piling and early works. Wynn Palace generated operating revenues of $653.4m and Adjusted Property EBITDAR of $201.5m in the second quarter of 2026, according to Wynn Resorts’ Q2 2026 results published on 4 August.
Melco’s REM hotel at City of Dreams
For Melco Resorts, Texas Capital identified the fuller opening of REM, the new hotel at City of Dreams Macau, as a possible catalyst. REM replaces the former Countdown Hotel tower at the Cotai resort. It soft-opened in the third quarter, and the grand opening is due later in October. Melco also opened an 18-table gaming area near the resort’s Southwest entrance at the end of July 2026 and has started a retail revamp.
Lawrence Ho, Chairman and CEO of Melco Resorts & Entertainment, told analysts on the Q2 2026 earnings call on 13 August that “the grand opening is set for after Golden Week in October”. He added that competition in Macau “remains elevated, resulting in a demanding cost environment”.
The opening of REM marked an important milestone in the continued evolution of City of Dreams.
Lawrence Ho, Chairman and Chief Executive Officer, Melco Resorts & Entertainment, on the Q2 2026 earnings call
In Melco’s Q2 2026 results release, Ho said:
We are confident in the long-term strength of our businesses and our outlook for Macau.
Lawrence Ho, Chairman and Chief Executive Officer, Melco Resorts & Entertainment, in the Q2 2026 results release
Melco’s total operating revenues fell about 6% year on year to $1.25bn in the second quarter of 2026, from $1.33bn a year earlier, according to the company.
Build timelines
| Project | Operator | Scope | Timeline |
|---|---|---|---|
| REM, City of Dreams Macau | Melco | Rebuilt Countdown Hotel tower | Soft opening Q3 2026; grand opening after Golden Week, October 2026 |
| Wynn Al Marjan Island, UAE | Wynn (40% JV) | Integrated resort, $1.06bn contributed to date | Opening September 2027 |
| Theatre and events centre, Wynn Palace | Wynn | 8,787 sq m theatre, 23,738 sq m events centre | Construction after July 2026 land approval; completion 2028 |
| Enclave, Wynn Palace | Wynn | 432 suites, $900m to $950m | Construction start by end-2026, about 2.5 years; opening 2029 |
Source: Wynn Resorts and Melco Resorts Q2 2026 results releases and earnings calls, Macau Business.
Next steps
REM’s grand opening at City of Dreams Macau is due in the second half of October 2026, and Wynn expects to start Enclave construction before the end of the year. More Macau operator coverage is in our Asia news section and the ranking of top operators in the Americas by market cap.
Source: Texas Capital Securities
