Wynn Resorts Appoints Paul Liu, a Foreign Relations Expert, to Their Board of Directors
Wynn Resorts appears to be deepening its ties with China and its operations in Macau through recent board appointments.
Recently, Wynn Resorts, a major global casino operator with venues in Las Vegas, Massachusetts, and Macau, named Paul Liu as an independent director and Class I member of its board of directors. This appointment went into effect on August 3, 2023.
Liu has an extensive background in the hospitality, entertainment, and finance sectors in China and throughout the Asia-Pacific region. This journey began with stints at JPMorgan, UBS, and Bank of America. He then transitioned to entertainment, joining Anschutz Entertainment Group China, a prominent go-to for sports and entertainment worldwide.
Liu later served as a partner at Egon Zehnder AG, a global search firm concentrating on executive search, management, and board advisory services. Liu fluently speaks Mandarin and is based in Shanghai. Additionally, Liu is a member of the National Committee on U.S.-China Relations – a nonprofit advisory board initiated in 1966 by the U.S. and the Chinese governments, with the purpose of fostering mutual understanding and cooperation between the two superpowers.
China-U.S. Ties
Tensions continue to escalate between China and the U.S., primarily due to China's support for Russia in its ongoing conflict with Ukraine. The Council on Foreign Relations characterizes the relationship as one of the "most important and complex bilateral" links.
Although a healthy China-U.S. relationship is crucial for world peace and the continuity of global supply chains, an additional consideration lies in the three U.S. commercial casino companies, which earn a good portion of their revenue in Macau. These companies include Wynn Resorts, Las Vegas Sands, and MGM Resorts, all of which have massive investments in the Chinese Special Administrative Region – the only place where casinos are deemed legal per Chinese authorities.
Liu's role will be to offer Wynn Resorts' boardroom insights about navigating the Chinese government.
The press release from Wynn Resorts reads, "Mr. Liu brings the Company extensive professional experience in entertainment, hospitality, and financial services both in China and the Asia Pacific region. His track record and expertise in creating premium guest experiences in the luxury and hospitality sectors, coupled with his unique perspective on identifying business talent in the Asia Pacific market, will be a significant asset to the Company and provide valuable guidance to the Wynn Board of Directors."
In Macau, Wynn Resorts owns and manages properties like Wynn Macau, Encore at Wynn Macau, and Wynn Palace.
Macau Casino Concessions
During President Trump's tenure and imposition of costly tariffs on Chinese goods, he often referred to the COVID-19 virus as the "Chinese virus." This move prompted speculation that China President Xi Jinping might retaliate against the U.S. president. Trump's largest political backer in the 2016 and 2020 election cycles – Sheldon Adelson, founder, and CEO of Las Vegas Sands – passed away in January 2021 at the age of 87.
Xi's potential retaliation prompted ideas that Macau might not issue new gaming licenses to the three U.S.-based casino conglomerates. The concession agreements for the six involved operators were initially scheduled to terminate on June 26, 2022, after completing 20-year terms. However, Macau extended the licenses through 2022 due to COVID.
Last December, all six firms were issued fresh tender offers. However, their terms were cut in half to only 10 years.
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Source: www.casino.org
