Wynn Macau Ltd will develop a brand-new 432-key all-suite hotel on land it holds alongside its flagship Cotai integrated resort Wynn Palace.

The company unveiled the project, to be known as The Enclave, as part of its 1Q26 earnings release on Friday morning (Asia time), with construction expected to begin later this year. The hotel, to be located directly adjacent to the east entrance of Wynn Palace, will increase the property’s total room count by around 25% and its suite offering by 50% at a cost of between US$900 million and US$950 million.

Wynn Resorts CEO Craig Billings described the addition of The Enclave as a no-brainer after seeing Wynn Palace achieve 99.1% hotel occupancy in 1Q26 and 99.7% occupancy at peninsula property Wynn Macau.

“When you’re at 99% occupancy, you’re not making a speculative bet by adding rooms,” he said during the group’s earnings call. “You’re clearly capturing demand that already exists and that you’re currently turning away. So, adding 25% more total room capacity and increasing the suite product by 50% in a market that’s heavily driven by the premium segment just makes sense for us.”

Billings also projected that the new hotel would bring in around US$400 million in revenue annually assuming an average room rate of US$2,500, with Adjusted EBITDA forecast at between US$150 million to US$175 million.

“You don’t have a lot of non-EBITDA generating amenities that come with the tower,” he explained. “It does not have a gaming element. It has very, very modest food and beverage because it’s directly attached to the existing Wynn Palace facility, and so flow-throughs should be pretty high. So to us, it felt like a real no-brainer.”

The company added that 2026 capex on The Enclave would be limited to some piling and early development works, with final government approvals expected in the near-term.

Construction is slated to take two-and-a-half years, suggesting an early 2029 opening.